Tenet Comments on Community Health Announcement

Tenet Healthcare Corporation THC today issued the following statement regarding the Community Health Systems, Inc. CYH announcement that it intends to nominate a slate of director candidates to stand for election at the Company's 2011 Annual Meeting of Shareholders. The Company has not yet scheduled its 2011 Annual Meeting of Shareholders: We believe that Community Health intends to nominate candidates for election to the Tenet Board of Directors solely to help advance its inadequate and opportunistic proposal to acquire Tenet. As announced on December 9, 2010, the Tenet Board, after consultation with its financial and legal advisors, unanimously determined that the Community Health proposal to acquire Tenet for $6.00 per share in cash and stock grossly undervalued Tenet and was not in the best interests of Tenet or its shareholders. Tenet shareholders – not Community Health – deserve to benefit from Tenet's growth as we continue to expand margins and benefit from the strategic investments we are making in our business. We are confident that the continued execution of our plan will deliver significantly more value to our shareholders than Community Health's inadequate proposal. Tenet has compelling growth prospects and a strong Board of Directors with a broad range of experience. Under the Board's leadership, Tenet has delivered strong growth for more than five years, demonstrating that our strategy is working. Going forward, we expect significant growth from a combination of acute care revenues, our expanding outpatient business, our business of offering healthcare services to other hospitals, and improved cost efficiencies. As always, we remain focused on executing our core business plan and providing the highest quality care and good value to our customers.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!