NEW YORK: US hedge fund Elliott Management, fresh off an activist shareholder triumph at Telecom Italia, proposed on Monday (May 7) to acquire Athenahealth for US$6.9 billion. Elliott - which already owns 8.9 per cent of Athenahealth - is known for combative tactics, including a longstanding fight with Argentina's government after its 2001 default. The fund announced it was adopting its approach to cull value from public companies in the healthcare sector, citing Athena's chronic underperformance and reluctance to engage in discussions to go private.