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Health Management Associates

Health Management Backs Community Health Takeover

Health Management Associates Inc said on Wednesday its board backed its proposed takeover by Community Health Systems Inc after a review period spurred by activist investor Glenview Capital.Health Management said that the board had agreed to the transaction at the price of $10.50 in cash plus 0.06942 share of Community Health common stock, or about $13.44, per Health Management share, plus a contingent value right of up to $1.00 per share.Those were the terms of the deal when it was announced back in August by a previous board of directors, although a decline in Community Health's share price now puts the deal value at $3.6 billion plus the contingent value right compared with $3.9 billion it was when first announced.Health Management shares have also traded off since the deal and closed on Tuesday at $12.52.Glenview Capital, which owns 14.5 percent of Health Management's stock and is its largest shareholder, said that UBS Securities and Lazard Freres & Co had conducted a fairness opin...

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  12. Health Management Profit Falls 24% on Higher Costs

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  2. Glenview says shareholders vote to replace HMA board

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