Hedge Fund Scoops Up Tenet Healthcare Shares
The disclosure by Camber Capital Management drove up Tenet's stock price.
Tenet In Crosshairs Of Activist Shareholder Camber Capital
Camber Capital Management, a hedge fund with an activist history, has purchased 5.7 million shares of Tenet Healthcare Corp., or a 5.7% stake in the money-losing hospital chain. The emergence of Camber was disclosed Monday, just three days after Tenet's largest shareholder, Glenview Capital Management, resigned two Tenet board seats, citing irreconcilable differences with management and the board. (Barkholz, 8/21)
In other health industry news —
CHS Investor Calls For CEO Wayne Smith's Ouster
An institutional investor in Community Health Systems is calling for the ouster of CHS CEO Wayne Smith. In an open letter to CHS Monday, ASL Strategic Value Fund managing director Steven Braverman said management has failed to return his phone calls, and the company's operational turnaround has not gotten traction. (Barkholz, 8/21)