📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Tenet board to review proposal for less-stringent requirements for activist investor-initiated changes

Published 02/02/2018, 12:40 PM
© Reuters.  Tenet board to review proposal for less-stringent requirements for activist investor-initiated changes
THC
-
  • The board of Tenet Healthcare (THC -4.5%) is reviewing a proposal by investor Glenview Capital seeking a shareholder vote to amend the company's bylaws to allow for Action by Written Consent, eliminating the required meeting of the majority of stockholders. If approved, it would make it easier and quicker to remove and replace the board.
  • Glenview, owner of a 17.8% stake in the company, seeks the right to rejigger the board since the company has underperformed for many years. The change in bylaws would enable an activist investor to drive change by obtaining the written support from a majority of shareholders without having to convene a meeting.
  • Shares are down along with the broad market in general and healthcare stocks in particular.
  • Now read: Hospital Stocks Could Rise This Year Because Of Inflation


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.