Tenet pulls out of the race for Healthscope
Tenet Healthcare Corporation announced it has withdrawn from preliminary discussions regarding a potential acquisition of Healthscope Limited (HSP). Tenet said has been unable to complete the work necessary to convey to shareholders the potential value, including the inherent risks and opportunities, of this transaction due to the sequence of events associated with the acquisition process, including the premature disclosure of non-public information regarding Tenet’s preliminary interest in the Australian private hospital operator.
“Although the due diligence process has commenced, it is in the early stages and has not proceeded as quickly and completely as anticipated,” the US health care services company said.
“Tenet has concluded that in order to eliminate a prolonged period of uncertainty and market speculation surrounding this possible transaction, it is best to withdraw from this process.”
At the close of trade yesterday, Healthscope shares were trading at $5.49.
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