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Tenet Board Rejects CHS Cash Offer
Health Leaders Media

The board of directors at Tenet Healthcare Corp. on Friday afternoon unanimously rejected a reconfigured $6-a-share, all-cash offer from rival Community Health Systems, Inc., saying the proposal valued at $3 billion “grossly undervalues the company and is not in the best interests of Tenet or its shareholders.”

Tenet noted in a media release that the April 18 CHS offer was the same price that CHS had offered on November 12, 2010 in a deal that included $5-per-share cash and $1-per-share of CHS common stock.