M&A and Strategic Actions 5.10.11

By Dean M., of Hedge Fund Live -

CYH – announced that it has withdrawn its offer to acquire all of the outstanding shares of common stock of Tenet Healthcare Corporation THC for $7.25 per share in cash. CHS has also withdrawn its nominees for election to Tenet's Board of Directors at Tenet's 2011 annual meeting.
DTG – York Capital reports 17.2% stake (prev. 14.4%); converts filing to 13D from 13G; York intends to engage in discussions with management, other stockholders of DTG and relevant parties w/regard to the appropriate price & structure of a potential transaction w/HTZ or other strategic alternatives that may maximize shareholder value.
CAR, DTG, HTZ – German car-rental co Sixt Group is looking to enter the US market by joining CAR in a bid for DTG. According to a report in the NY Post, Sixt Group is in talks to buy $300-400M of business as part of a proposed regulatory remedy that would enable a CAR-DTG merger. Sixt-CAR talks have heated up in the past several weeks and while details haven't been finalized, a deal would likely lead to Sixt entering into....

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