Community Health Systems has increased its all-cash bid for Tenet Healthcare from $6 per share to $7.25 as its "best and final offer," according to a CHS news release.
If Tenet has not begun good-faith discussions with CHS by May 9 at 6 p.m., CHS will withdraw the offer and its nominees for election to Tenet's board of directors, according to the release, concluding the pursuit.
The 20 percent increase revises CHS' offer to approximately $4.07 billion in cash, according to a Wall Street Journal report.
In a letter to Tenet's board of directors, CHS said it is time to "move beyond lawsuits and rhetoric," referring to Tenet's charges that CHS systematically overbilled Medicare.
"We are making this offer to bring this matter to a prompt conclusion in the best interests of all concerned. We can call on the Tenet Board to uphold its fiduciary duties and enter into good-faith discussions with us to conclude a mutually beneficial transaction," Wayne Y. Smith, chairman, president and CEO of CHS, said in the release. "Unless we see meaningful engagement by May 9, 2011, we will withdraw the offer and move on to the many other compelling growth opportunities available to us.”
Read the CHS release on its final offer for Tenet Healthcare.
Related Articles on CHS and Tenet:
CHS Still Wants Tenet: Revised All-Cash Offer Stands at $6 Per Stock
CHS Files Motion to Dismiss "Baseless" Tenet Lawsuit
Tenet Rejects Community Health's All-Cash Bid
If Tenet has not begun good-faith discussions with CHS by May 9 at 6 p.m., CHS will withdraw the offer and its nominees for election to Tenet's board of directors, according to the release, concluding the pursuit.
The 20 percent increase revises CHS' offer to approximately $4.07 billion in cash, according to a Wall Street Journal report.
In a letter to Tenet's board of directors, CHS said it is time to "move beyond lawsuits and rhetoric," referring to Tenet's charges that CHS systematically overbilled Medicare.
"We are making this offer to bring this matter to a prompt conclusion in the best interests of all concerned. We can call on the Tenet Board to uphold its fiduciary duties and enter into good-faith discussions with us to conclude a mutually beneficial transaction," Wayne Y. Smith, chairman, president and CEO of CHS, said in the release. "Unless we see meaningful engagement by May 9, 2011, we will withdraw the offer and move on to the many other compelling growth opportunities available to us.”
Read the CHS release on its final offer for Tenet Healthcare.
Related Articles on CHS and Tenet:
CHS Still Wants Tenet: Revised All-Cash Offer Stands at $6 Per Stock
CHS Files Motion to Dismiss "Baseless" Tenet Lawsuit
Tenet Rejects Community Health's All-Cash Bid