Community Health ends effort to buy rival Tenet

NEW YORK (AP) -- Community Health Systems Inc. says it is ending its effort to buy competitor Tenet Healthcare Corp. after Tenet rejected its latest $4 billion-plus offer.

Franklin, Tenn.-based Community Health says it has withdrawn its offer to buy Tenet for $7.25 per share. It has also rescinded its effort to put nominees on Tenet's board of directors.

Community Health has been trying to acquire Dallas-based Tenet since late 2010. It originally made a bid of $6 per share for the Dallas company and raised its offer on May 2. The latest bid valued Tenet at about $4.06 billion.

Tenet said that offer was still too low. Community Health had said that bid would be its last offer.

Community Health runs about 130 hospitals in fast-growing and non-urban markets, while Tenet's 49 hospitals are in urban and suburban markets.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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