R1 RCM (NASDAQ:RCM) jumped 10% in after hours trading as TCP-ASC said it's in the process of finalizing a proposal to purchase the outstanding shares of the company not owned by the holder.

The proposal is for a higher price than the $13.25 described in the standstill waiver on Monday from New Mountain Capital, according to a 13D filing on Friday. TCP-ASC and CoyCo have ended talks about a possible joint transaction.

The latest disclosure comes after R1 RCM (RCM) dropped 13% on Tuesday after New Mountain Capital said it's no longer interested in pursuing a joint proposal with TCP-ASC.

Joseph Flanagan, a member of the board and the former CEO of R1 RCM (RCM), is in discussions with TCP-ASC about the possibility of Flanagan serving in a senior executive capacity with R1-RCM after a deal is completed.

New Mountain said on Monday that it was seeking a waiver of a standstill agreement to make a takeover proposal. The draft offer included a $13.25 a share bid, down from New Mountain's $13.75 original draft proposal in February.

In May, R1 RCM holder TCP-ASC was granted a waiver so it could join with New Mountain Capital for a takeover bid. Private-equity firm New Mountain Capital, which owns a more than 32% stake in R1, (RCM) originally said in April that it only wanted to pursue a takeover of the firm jointly with TCP-ASC, which is owned by TowerBrook. TowerBrook owns a 36% stake.