Summary Box: Community Health makes new Tenet bid

AP News
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Posted: Apr 18, 2011 11:29 AM
Summary Box: Community Health makes new Tenet bid

TAKE TWO: Hospital operator Community Health Systems Inc. revised its bid for Tenet Healthcare Corp. Monday and is now proposing a deal worth about $3 billion in cash.

THE CHANGE: The offer still values Tenet at $6 per share. Community Health had offered to buy Tenet for $5 per share in cash and $1 per share in stock. Tenet said it is reviewing the new offer.

HISTORY: The Franklin, Tenn., company took its proposal public after being turned down by Tenet management. The Dallas company later adopted a "poison pill" provision to block a sale, and is suing Community Health.