Tenet Healthcare Corporation (NYSE: THC) today confirmed that it has received a revised proposal from Community Health Systems, Inc. (NYSE: CYH) to acquire all of the outstanding shares of Tenet for $6.00 per share in cash.
Consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, Tenet's Board of Directors will review the revised proposal to determine the course of action that it believes is in the best interests of the Company and its shareholders. Tenet's shareholders are advised to take no action at this time pending the review of the revised proposal by the Tenet Board of Directors.
Tenet noted that the Community Health revised proposal is for the same price as a previous Community Health proposal received by Tenet on November 12, 2010. On December 6, 2010, the Tenet Board of Directors, after consultation with its financial and legal advisors, sent a letter to Community Health stating that it had unanimously determined that the Community Health proposal grossly undervalued Tenet and was not in the best interests of Tenet or its shareholders.
Barclays Capital is acting as financial advisor to Tenet and Gibson, Dunn & Crutcher LLP and Debevoise & Plimpton LLP are acting as Tenet's legal counsel.
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