HMA Chief to Step Down as Glenview Denies Takeover Bid
Newsome's announcement is the latest twist in an eventful week for the Naples, FL-based for-profit hospital chain.
On Friday, just before the long Memorial Day weekend, HMA dropped a filing with the Securities and Exchange Commission stating that its board of directors adopted the shareholders' rights plan to thwart a perceived takeover bid by hedge fund manager Glenview Capital Management, LLC.
Glenview owns 14.56% interest in HMA common stock and in a 13D filing with the SEC on May 6 Glenview said that it "may engage in communications with relevant parties regarding the company and ways to enhance shareholder value, including, but not limited to, the Company's management, members of the board of directors, shareholders or other investors, potential strategic partners, financial advisers and other industry participants."
Pointing to the Glenview filing, HMA in its 8-K filing with the SEC said "the rights agreement is intended to protect the Company and its stockholders from efforts to obtain control of the Company that the Board of Directors determines are not in the best interests of the Company and its stockholders, and to enable all stockholders to realize the long-term value of their investment in the Company."
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