Health Management Associates, Inc. (NYSE: HMA) announced today that, further to conversations with certain of HMA’s shareholders, the Board of Directors will approach Glenview Capital Partners, L.P. to propose immediately adding nominees put forth by Glenview to the HMA Board. The current HMA Board believes that it is critical for there to be continuity on the Board given, among other things, the ongoing government investigations, the management transition and the pending transaction with Community Health Systems, Inc. HMA is prepared for one of the Glenview nominees to be Chairman of the Board. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," “intends,” "plans," “may,” “pending,” “continues,” “should,” "could" and other similar words. All statements addressing operating performance, events or developments that Health Management Associates, Inc. expects or anticipates will occur in the future, including but not limited to projections of revenue, provisions for doubtful accounts, income or loss, capital expenditures, debt structure, principal payments on debt, capital structure, the amount and timing of funds under the meaningful use measurement standard of various Healthcare Information Technology incentive programs, other financial items and operating statistics, statements regarding our plans and objectives for future operations, the impact of changes in observation stays, our ability to achieve process efficiencies, factors we believe may have an impact on our deductibles and co-pays, acquisitions, acquisition financing, divestitures, joint ventures, market service development and other transactions, statements of future economic performance, statements regarding our legal proceedings and other loss contingencies (including, but not limited to, the timing and estimated costs of such matters), statements regarding market risk exposures, statements regarding our ability to achieve cost efficiencies and/or reductions, statements regarding the effects and/or interpretations of recently enacted or future health care laws and regulations, statements regarding the potential impact of health care exchanges, statements of the beliefs or assumptions underlying or relating to any of the foregoing statements, and statements that are other than statements of historical fact, are considered to be "forward-looking statements.”
Community Health Systems may close its $7.6 billion acquisition of Health Management Associates, but with the uncertainties of a new healthcare law and the merger partners' own legal problems, it needed good timing to put reasonable financing in place.