April 15 (Reuters) - Global equity manager ClearBridge

Investments said on Monday it has urged Model N's ( MODN ) board

to reconsider the proposed acquisition of the healthcare IT firm

by Vista Equity Partners.

Model N ( MODN ) last week agreed to be taken private by investment

firm Vista Equity for about $1.25 billion.

"We believe the proposed acquisition materially undervalues

Model N's ( MODN ) outlook as a public company or value to strategic or

financial buyers," ClearBridge said in its letter to Model N ( MODN ).

ClearBridge, which had more than $188 billion in assets

under management as of March 31, 2024, owns 6.9% of the

outstanding stock of Model N ( MODN ), according to LSEG data.

The equity manager said the board and the company's advisers

should remain open minded to potentially superior offers or

Model N ( MODN ) shareholders should consider the potential long-term

value creation in staying a standalone public entity.