Community Health raises its bid for Tenet

The story continues as Community Health makes its "best and final offer."

Fox News/Market Watch: Community Health Lifts Tenet Bid To $7.25-share
Community Health Systems Inc., the Franklin, Tenn., hospital operator, said on Monday that it lifted its offer to buy Tenet Healthcare Corp. to $7.25 a share cash from $6. Shares of Tenet Healthcare, the Santa Barbara, Calif., health care-services company, closed on Friday at $6.93 each. "The increased offer is CHS's best and final offer based on information currently available to CHS," the company said (Daniel, 5/2).

The Associated Press: Community Health Raises All-Cash Offer For Tenet
Community Health Systems Inc. has raised its offer for rival hospital operator Tenet Healthcare Corp. by 21 percent to about $4.06 billion, but it said Monday the latest bid may only last a week. Analysts said they doubt a deal will happen (Murphy, 5/2).

Bloomberg: Tenet Falls On Doubts Community Health Bid Can Seal Takeover
Community Health said the bid to create the biggest U.S. hospital chain was its "best and final offer" and would expire unless "good-faith discussions" begin by May 9. Dallas-based Tenet accused its competitor on April 11 of overcharging the U.S. Medicare program at least $280 million in a lawsuit and said a government probe of the allegations would raise questions about whether Community Health could finance the takeover (Nussbaum, 3/2).