Community Health Systems Inc (CYH.N), which has been trying to buy Tenet Healthcare Corp (THC.N), refuted on Thursday Tenet's claims that it improperly admitted patients to its hospitals and said it would work tirelessly to defend its reputation. "We believe that Tenet's contrived statistics lead to faulty and irresponsible conclusions," Community Health said in slides posted on its website before a conference call to discuss its first-quarter results. Calling Tenet "misguided and wrong," Community Health said it expects the accusations will have no material impact on its operations going forward. "Be assured we will defend our reputation," Community Health Chief Executive Wayne Smith said during the presentation. "We will work tirelessly to restore any erosion of confidence or trust that may have been caused by these accusations." Community Health went public in December with an unsolicited $3.3 billion bid for Tenet, which has been working to fend off the overture.
Community Health Systems, Inc. is an operator of hospitals in the United States. Shares of CYH fell by 1.75% or $-0.55/share to $30.8. In the past year, the shares have traded as low as $22.33 and as high as $42.50. On average, 3537130 shares of CYH exchange hands on a given day and today's volume is recorded at 1664704.
Tenet Healthcare Corporation (Tenet) is an investor-owned company that operates in one line of business: the provision of health care services through the operation of acute care hospitals and related health care facilities. Shares of THC fell by 0.58% or $-0.04/share to $6.9. In the past year, the shares have traded as low as $3.92 and as high as $7.70. On average, 9997460 shares of THC exchange hands on a given day and today's volume is recorded at 705465.
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