The latest Glenview nominee is JoAnn Reed, former chief financial officer and senior vice president of finance at MedCo Health Solutions.
HMA, for its part, is prepared to go out swinging, if that's what it takes. Last week, it undertook its own appeal to shareholders, calling Glenview's actions an “unnecessary distraction to the company's strategic review process and an attempt to advance (Glenview's) own agenda for the company with its hand-picked nominees.”
As HMA points out, the timing of Glenview's coup is curious, coming less than two weeks after the chain already said it was reviewing “strategic alternatives”—code for a potential M&A transaction, which Glenview has been angling for all along—and had already summoned financial and legal troops.
But in its own letter to shareholders, Glenview expressed doubt that HMA's board would seriously consider a deal.
HMA already held its annual meeting on May 21 to elect its current board, with each of its directors receiving between 79% and 81% of the vote.
Glenview doesn't need to call a special meeting to have its nominees elected. Its lineup of directors—as a group or individually—will take office if and when they receive consenting voting cards from 50.1% of shares.
The hedge fund has 60 days to get to 50.1% before it needs to restart the consent solicitation process.
Follow Beth Kutscher on Twitter: @MHbkutscher
