Mr. Smith said CHS was “in for the long haul,” adding “patience is virtue,” according to the report.
CHS offered a $3.3 billion equity bid to acquire Tenet in December, which Tenet rejected. CHS vowed to continue with a hostile takeover of the hospital operator. Tenet responded by adopting a “poison pill” provision and delaying it annual meeting to make a takeover more difficult. Under the poison pill provision, if any person or firm buys more than 4.9 percent of Tenet’s shares without its board’s approval, the poison pill anti-takeover device allows all other shareholders who own less than that percentage of shares the right to buy additional shares at a bargain price.
Read the WSJ report on Community Health Systems.
Read more coverage on Community Health Systems:
– Tenet Shareholders Sue Over Spurned CHS Offer
– CHS Plans to Nominate Full Slate of 10 Directors to Tenet Board
– CHS Urges Tenet to Engage in Merger Discussions After “Poison Pill” Measure
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