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Franklin, Tenn.-based Community Health says it has withdrawn its offer to buy Tenet for $7.25 per share. It has also rescinded its effort to put nominees on Tenet's board of directors.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 It originally made a bid of $6 per share for the Dallas company and raised its offer on May 2.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.)