An investment advisory firm has dealt a blow to Health Management Associates in recommending that shareholders vote to replace its current board of directors with eight new members.
The recommendation comes days after the Naples, Fla.-based hospital chain seemed to make a concession to activist shareholder Glenview Capital Management, which is pushing for an entirely new board. Late Tuesday, HMA said it was prepared to invite some of the hedge fund's nominees to join its board, including as chairman.
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Not one to sit quietly for long, Glenview Capital Management, the hedge fund trying to force a change of control at Health Management Associates, nominated a ninth director to serve on the chain's board.
The activist investor has already put up a slate of eight nominees in an effort to unseat HMA's current board of directors, which has had the same chairman since April 1986
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