CHS Offers $4B Last-Ditch Bid For Tenet Healthcare

Law360, New York (May 2, 2011, 5:41 PM EDT) -- Tennessee hospital operator Community Health Systems Inc. said Monday it was raising its bid for Dallas-based Tenet Healthcare Corp. for the last time, from $6 per share to $7.25 per share, or nearly $4 billion.

The increased figure would give Tenet shareholders a 69 percent premium over the company's share price in December when CHS publicly announced it had offered $5 in cash and $1 in stock per share for Tenet, according to CHS.

"We call on the Tenet board to uphold its fiduciary duties and...
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