CHS issues statement in response to Tenet rejection of all-cash offer

Apr 25 2011

Community Health Systems, Inc. (NYSE: CYH) ("CHS") today issued the following statement in response to Tenet Healthcare Corporation's (NYSE: THC) rejection of CHS's offer to acquire all of the outstanding shares of Tenet for $6.00 per share in cash.

"We are disappointed that the Tenet Board of Directors rejected our all-cash offer and refuses to engage with us. Instead of focusing on creating shareholder value, the Tenet Board elected to bring an irresponsible lawsuit. Despite the Board's strategy of entrenchment, we remain ready to engage in constructive discussions to move this transaction forward. We would welcome the opportunity to review additional information Tenet can provide and are prepared to recognize any additional value it can demonstrate."

Credit Suisse and Goldman, Sachs & Co. are acting as financial advisors, Kirkland & Ellis LLP as legal counsel and D. F. King & Co. as proxy solicitor for CHS.

Source: Community Health Systems, Inc.