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Tuesday, January 11, 2011

Community Health CEO vows to buy Tenet, (NYSE: CYH), (NYSE: THC)

The chief executive of Community Health Systems Inc (CYH.N) said he was determined to buy rival hospital operator Tenet Healthcare Inc (THC.N), but was not inclined to raise the $3.3 billion offer. In an interview after his presentation at the annual JP Morgan Healthcare Conference, Community Health CEO Wayne Smith said he believes the current unsolicited cash-and-stock offer of $6 per share is more than fair. "We might be overpaying on this," Smith said.