Tenet Rejects Community Health’s $7.3 Billion Takeover Bid

Tenet Healthcare Corp.’s board said it rejected a “grossly inadequate” $7.3 billion takeover bid from Community Health Systems Inc. on the morning of a deadline to open negotiations.

Tenet’s board voted unanimously to reject the offer as “not in the best interests of its shareholders,” the Dallas-based hospital chain said in a statement today. Community Health, based in Franklin, Tennessee, said May 2 that it would walk away from the unsolicited bid if “good-faith discussions” don’t begin by the end of today.