Community Health Systems, Franklin, Tenn., has withdrawn its offer to acquire Tenet Healthcare Corp. and its nominees for election to Tenet's board, according to a Community news release.
Community Health Systems withdraws offer for Tenet
The move was expected after Tenet earlier today announced that its board had rejected Community’s revised offer of $7.25 per share in cash.
Combined with assumption of about $4 billion in Tenet debt, the offer was worth nearly $8.1 billion. Community announced last week that it would withdraw its offer and its slate of director nominees if Tenet didn’t begin good-faith negotiations by 6 p.m. ET May 9.
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