In ongoing take-over saga, Community Health makes all-cash offer for Tenet

On Monday, Community Health made its $3.3 billion offer for rival Tenet Healthcare Corp. an all-cash bid.

Reuters: Community Health Changes Tenet Offer To All Cash
Community Health Systems Inc sweetened its $3.3 billion offer for Tenet Healthcare Corp on Monday, persisting with its hostile bid even as revelations of a U.S. government probe into Community's billing practices sent its shares lower. Community Health, whose shares fell over 4 percent on Monday, changed its $6 per share offer to all cash from $1 in Community Health stock and $5 in cash, meaning Tenet shareholders would not be vulnerable to risks associated with Community's shares (Kelly and Davies, 4/18).

The Associated Press: Community Health Makes All-Cash Bid For Tenet
Hospital operator Community Health Systems Inc. on Monday revised its $3 billion offer for rival Tenet Healthcare Corp. to an all-cash bid  (4/18).

Modern Healthcare: Community Health Announces Revised All-Cash Tenet Bid
Community Health Systems, Franklin, Tenn., announced a revised, all-cash $7.3 billion offer [which includes $4 billion in assumed debt] to acquire Tenet Healthcare Corp., according to a Community news release. Community's offer is still valued at $6 per share. Under the revised offer, made in a letter to Tenet's board of directors, according to the release, Community would pay Tenet shareholders all in cash. Previously, Community offered Tenet shareholders $5 in cash per share plus $1 worth of Community stock (Galloro, 4/18).