Health Management Associates (NYSE:HMA) is one among the four bidders for Citrus Memorial Hospital
Naples-based Health Management Associates (NYSE: HMA) is one among the four bidders for Citrus Memorial Hospital. Other bidders include Tampa General Hospital, Nashville-based HCA Holdings Inc. and Regional Care Hospital Partners. The Citrus County Hospital has scheduled the meeting for hearing the presentations from all the four bidders on Wednesday.
Health Management Associates Inc has now fixed the date of record as July 18th, 2013 for consent solicitation of Glenview. Glenview Capital Management LLC owns around 14.6% in the common stock of HMA. On this day, shareholders will get an opportunity to decide whether the nine nominees can replace the sitting HMA directors. This could be a new alternative. On May 28th, the company said that the Gary Newsome, the Chief Executive will be retiring at the July end and the board of directors had already begun with search for his replacement.
All shareholders have been reminded by Glenview that any share on loan by 18th July, will not be able to consent. Glenview also encourages every shareholder to review their documentation available on the following website: www.revitalizehma.com. They also ask the shareholders to check the information given by the sitting Health Management Associates board which in-turn will help every shareholder to make the right decision during this democratic process.
The interest from Community Health Systems Inc and many other rivals on buying the hospital operator of $4 billion was attracted by Health Management Associates Inc. The news about this take over interest came as Health Management Associate Inc started its hunt for something which could prevent a campaign from hedge fund. Glenview Capital Management was threatening to launch a substitution against the company. As a response to Glenview’s campaign, Health Management announced that it has hired Morgan Stanley and Weil, Gotshal & Manges law firms.
On Tuesday, the value of company reached over $4.3 billion as the results of rise of 8.3% in the value of shares of Naples, Florida-based Health Management in the New York stock exchange to $16.75. The combination of Health Management with Community will be able to preserve the rank of Community in the second place in the largest profit hospital operator of U.S next to HCA. As per Skolnick, though the stock of Health Management has been pulled back to $15 per share from current levels of trading, this would still be an expensive purchase for Community.