Glenview Capital Management, a hedge fund angling for a change of control at Health Management Associates, is now fighting to get the hospital chain to amend its shareholder rights plan.
The rights plan, a defensive move also known as a “poison pill,” would go into effect if any shareholder attempts to acquire more than 15% of the company's shares. Glenview's current holding is right below that threshold at 14.6%.
In a stock exchange filing, Glenview and its affiliates said they “urge” HMA to either redeem the poison pill or amend it so that the threshold for triggering the poison pill is 25%.
They also said they were “evaluating whether to formulate, and ultimately may formulate, plans or proposals that would result in … changes to all or a portion of the board of directors.”