Cowen downgraded Accretive Health (ACHI) to Market Perform following the announcement is is reviewing strategic alternatives after Asension Health approached the company about a deal to go private for about 50% of the company's market value. Ascension said it would not renew its master contract with Accretive upon expiration in August 2017, which is approximately 50% of Accretive Health's non-GAAP revenue. The firm said if Accretive does not take the offer and chooses to play the market, it will be at a disadvantage in negotiations given the low starting bid.