CHS Aims To Oust Tenet Board In $3.3B Takeover Bid

Law360, New York (January 14, 2011, 3:34 PM EST) -- Community Health Systems Inc. is seeking to oust the board of Tenet Healthcare Corp., a smaller competitor that has strongly resisted the hospital operator's $3.3 billion hostile takeover bid.

Franklin, Tenn.-based CHS said it notified Tenet that it intends to nominate a full slate of 10 independent directors for election to the company's board of directors at its 2011 annual meeting, originally scheduled for May but delayed by Tenet until Nov. 3.

CHS said in December that it would pay $6 per share for Tenet —...
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