Facing Activist, HMA Heeds Strine's 'Proxy Put' Ruling

Law360, New York (August 2, 2013, 3:52 PM EDT) -- Health Management Associates Inc. said Friday that it would not have to buy back its debt should activist hedge fund Glenview Capital Management seize control of its board, heeding a recent lesson from Delaware court.

Wells Fargo Bank NA has added Glenview's nominees to a list of approved directors whose election would not trigger change-of-control provisions in the loan documents, HMA said. The board has also approved the hedge fund's candidates for the purposes of similar provisions governing $960 million in outstanding notes.

And the waiver...
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