Reuters: Regulatory News: HMA offers to add shareholder Glenview's nominees to board

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HMA offers to add shareholder Glenview's nominees to board Aug 7th 2013, 02:31 Tue Aug 6, 2013 10:31pm EDT Aug 6 (Reuters) - Hospital operator Health Management Associates Inc said it will offer to add majority shareholder Glenview Capital Partners' nominees to its board, less than a month after calling a board push by the hedge fund an "unnecessary distraction". HMA, which is being bought by larger peer Community Health Systems Inc for $3.9 billion, has been under pressure from Glenview, which has said it wants to replace HMA's directors and set the company on a better course. Glenview, which owns a 14.6 percent stake in HMA, has opposed the Community Health offer, saying it "establishes an important floor value" that should serve as a basis for seeking greater value to HMA shareholders. HMA said that after discussions with shareholders it would approach Glenview with a proposal to add its nominees to the board. "HMA is prepared for one of the Glenview nominees to be Chairman of the Board," it said in a statement late on Tuesday. The hospital group last month urged shareholders to reject Glenview's attempts to replace the board, calling the hedge fund's actions a distraction. Spokespersons for Glenview and Community Health could not be reached for comment outside regular business hours.

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