Franklin’s Community Health Systems has made another offer for Dallas-based hospital operator Tenet Healthcare.
Community Health sent a letter to Tenet’s Board of Directors today saying it would pay $6.00 per share in cash. The previous offer included Community Health stock.
Tenet rejected the previous takeover bid and even sued Community Health, accusing the company of bilking Medicare.
In a statement, Community Health CEO Wayne Smith describes the company’s business practices as “appropriate.” He says Community Health will respond to Tenet’s claims “in due course.” Meanwhile, he says the all-cash offer shows Community Health’s commitment to completing the transaction.