HMA Chief to Step Down as Glenview Denies Takeover Bid
HMA said that affiliates of Glenview also had filed notice under the Hart-Scott-Rodino Antitrust Improvement Acts on May 22, which "indicates that these affiliates presently intend to acquire, collectively, up to approximately $2.2 billion of the Corporation's outstanding common stock."
HMA's filing, in turn, prompted Glenview on Tuesday to issue a "statement of clarification regarding its holdings" in HMA.
"We feel the 8-K issued by HMA in conjunction with the Board's decision to enact a shareholder rights plan, commonly referred to as a poison pill, may cause confusion regarding our intentions and may lead to undue volatility in the stock price…," the Glenview statement read.
Glenview said its filings with the SEC were intended to comply with provisions of Hart-Scott-Rodino "in order to be in a position to acquire even one additional share of HMA." Further, Glenview said "such an investment size is both beyond our present intention and beyond our present resources available for any single position. Such a filing was required to facilitate even a modest increase in our present holdings. In plain English, we have no present intention or future plan to buy either $2.2 billion of stock or 75% of HMA."
HMA spokeswoman MaryAnn Hodge said Tuesday that Glenview's clarification "will not change (HMA's) shareholders' rights plan. The Board continues to believe that adopting the rights plan at this time is prudent and in the best interest of the company and its stockholders."
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