Summary Box: Community Health raises Tenet offer

AP News
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Posted: May 02, 2011 2:38 PM
Summary Box: Community Health raises Tenet offer

HIGHER BID: Community Health Systems Inc. said Monday it raised its offer to buy rival hospital operator Tenet Healthcare Corp. to $7.25 per share, which increases the deal's value by 21 percent to about $4.06 billion. But it said the all-cash offer expires May 9 unless it sees meaningful engagement from Tenet.

OLD BID: Dallas-based Tenet had rejected Franklin, Tenn.-based Community's previous all-cash offer of $6 per share, valued at about $3.36 billion.

THE REACTION: Tenet, which has fought Community's takeover bid since last fall, said it will review the revised offer, and it advised shareholders to take no action.