CHS Moves To All-Cash Bid In Tenet Merger Battle

Law360, New York (April 18, 2011, 2:00 PM EDT) -- With its stock battered by rival hospital operator Tenet Healthcare Inc.'s securities fraud lawsuit accusing it of overbilling Medicare, Tennessee-based Community Health Systems Inc. said Monday it would switch to a $3.3 billion all-cash offer for its unwilling merger target.

The move comes in response to the Dallas-based Tenet's suit, lodged April 11 in the U.S. District Court for the Northern District of Texas, that claims CHS routinely overbills Medicare to boost its earnings.

The back-and-forth has blossomed into the bloodiest merger battle of the year...
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