NOT WITH A DEAL, BUT A WHIMPER
Community makes unsolicited $7.3 billion offer in letter to Tenet’s board. Tenet rejects offer in letter to Wayne Smith, Community’s chairman, president and CEO.
Community makes offer public. Community says it will nominate slate of directors to Tenet’s board. Tenet adopts shareholder rights plan to block hostile offers, amends bylaws to delay annual meeting. Tenet provides outlook through 2015 to bolster case that Community’s offer is too low. Tenet files federal lawsuit alleging that Community failed to disclose potential Medicare fraud liabilities.
Community revises its offer to all-cash.
Community files motion to dismiss Tenet's lawsuit.
Tenet rejects all-cash offer. Community raises offer, sets May 9 deadline. Health Management Associates chosen to acquire Knoxville, Tenn., system, beating Community. Tenet rejects increased offer. Community withdraws offer and director nominees.