Tenet Healthcare Corp (THC.N), which is working to fend off an unsolicited $3.3 billion bid from rival hospital chain Community Health Systems Inc (CYH.N), said it adopted a shareholder rights plan and scheduled its annual meeting for November. Community Health launched its $6-a-share cash and stock bid in December. After Tenet rejected the offer as opportunistic, Community Health said it planned to nominate a slate of directors for Tenet's board at the target company's annual meeting this year. Tenet said on Friday its board adopted the shareholder rights plan, also known as a "poison pill." The plan would allow Tenet to dilute the holdings of anyone who tries to acquire the company without the board's consent.
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