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Community Health Systems offer spurned

Community Health Systems Inc. chief executive Wayne T. Smith's unsolicited bid for rival Tenet Healthcare Corp. sparked surprise in the hospital industry, but also something else: deja vu.

Mr. Smith used a similarly aggressive approach three years ago when he swooped in on the last day before a deadline to grab Triad Hospitals Inc. away from a private-equity consortium. Mr. Smith's surprise $5.1 billion bid unraveled the existing deal with the private-equity firms, which were allied with Triad's then-CEO.

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