Tag Archives: shareholders

Glenview Capital rejects HMA’s ‘hybrid’ offer

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Community Health Systems wants to buy peer company Health Management Associates, parent company of Knoxville-based Tennova Healthcare, but getting the deal done may not be easy.
Major HMA shareholder, Glenview Capita Management, opposes the CHS offer and continues to push for an overhaul of the HMA board.
Glenview, which has a 14.6 percent stake in HMA, on Tuesday turned down HMA’s offer “to immediately add” Glenview nominees to the board, including one who would serve as chairman.
Naples, Fla.-based HMA made the offer in a statement released late Tuesday.
In a strongly worded statement released shortly after HMA’s news release, Glenview  rejected what it called a “hybrid” board, saying HMA shareholders are already considering the proposal for a completely new board.
“It would be inappropriate for Glenview to take any action which would circumvent Shareholders’ rights in this consent solicitation,” Glenview said.
Franklin, Tenn.-based Community Health has offered to buy HMA for $3.9 billion, or $7.6 billion, including assumed debt.
Glenview Capital has called the CHS offer a starting point for getting greater value for HMA shareholders. How Glenview’s effort to revamp the HMA board will impact the CHS offer is uncertain. The purchase has been approved by the existing HMA board and the CHS board, but still must be approved by regulators and HMA shareholders.
Click here for the full HMA statement.
Click here for the full Glenview Capital statement.

Scripps Networks Interactive trading over 52-week high

Scripps Networks Interactive shareholders are having a very good day. The Knoxville-based
scripps2_asb_13138.jpgcompany’s stock price is trading at its highest price in more than a year.

In late-morning trading, the stock was up more than $1 to $56.31. So far today, the stock has traded as high as $56.39.

The lifestyle media company’s stock has moved steadily higher since dipping below $40 last fall.

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Gerdau Ameristeel goes private

The deal is done, Gerdau Ameristeel is going private.

Shareholders of Gerdau Ameristeel Corp., which has operated a mill in Knoxville for many years, on Tuesday approved a deal taking the company private.

 
bjgreenreport02_MP_13231.jpgBrazilian steelmaker Gerdau’s plan to buy all of the shares it did not already own for $11 each was approved by 93 percent of the votes cast in a special shareholders meeting, Gerdau Ameristeel announced.

The deal is expected to be completed by the end of August.

Original announcement of Gerdau’s stock purchase plan.

Photo: Knoxville News Sentinel/ Michael Patrick

A section of molten steel is cut to length during the manfacturing of rebar at Gerdau Ameristeel in Knoxville.