In a regulatory filing on Monday, New Mountain Capital said it’s no longer interested in pursuing a joint proposal with TCP-ASC. New Mountain and TCP-ASC have engaged in discussions and mutual due diligence with respect to a potential joint acquisition of the shares of the R1 RCM not owned by such parties or their affiliates, according to the 13/D filing. These discussions have not resulted in any agreement to date. New Mountain Capital, L.L.C. is open to having TowerBrook Capital Partners and Ascension Health participate in a potential transaction as equity co-investors. New Mountain disclosed that it’s seeking a waiver of a standstill agreement to make a takeover proposal, which includes a $13.25 a share bid, down from New Mountain’s $13.75 original draft proposal in February. Shares of R1 RCM are down 11% in premarket trading.
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