Glenview Capital Asks Health Management (HMA) to Redeem 'Poison Pill' Provision
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After the market closed Tuesday, 14.56 percent Health Management (NYSE: HMA) holder Glenview Capital Management filed an amended 13D with the following statement:
As previously disclosed by the Issuer, the Issuer adopted a “poison pill” rights plan that limits any shareholder and its affiliates and associates from acquiring beneficial ownership of more than 15% of the Shares of the Issuer. The Reporting Persons urge the Issuer to redeem the poison pill, or at a minimum, amend the poison pill to increase the percentage of stock a person would be permitted to own without triggering the poison pill to a 25% threshold.
Furthermore, the Reporting Persons are evaluating whether to formulate, and ultimately may formulate, plans or proposals that would result in some of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D, including, in particular, changes to all or a portion of the Board of Directors of the Issuer. The Reporting Persons intend to engage in communications with potential nominees and may engage in communications with, among others, the Issuer’s management or directors, shareholders and other potential investors, potential strategic partners, financial advisors and other industry participants, regarding such matters.
As previously disclosed by the Issuer, the Issuer adopted a “poison pill” rights plan that limits any shareholder and its affiliates and associates from acquiring beneficial ownership of more than 15% of the Shares of the Issuer. The Reporting Persons urge the Issuer to redeem the poison pill, or at a minimum, amend the poison pill to increase the percentage of stock a person would be permitted to own without triggering the poison pill to a 25% threshold.
Furthermore, the Reporting Persons are evaluating whether to formulate, and ultimately may formulate, plans or proposals that would result in some of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D, including, in particular, changes to all or a portion of the Board of Directors of the Issuer. The Reporting Persons intend to engage in communications with potential nominees and may engage in communications with, among others, the Issuer’s management or directors, shareholders and other potential investors, potential strategic partners, financial advisors and other industry participants, regarding such matters.
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