Tenet Healthcare 15% Shareholder Glenview Capital Issues Letter of Support for Spin-Off of Conifer by Mid 2022

Rhea-AI Summary

On February 10, 2021, Glenview Capital Management, Tenet Healthcare's largest shareholder, publicly supported the spin-off of Tenet's Conifer subsidiary in a tax-free transaction set for mid-2022. Glenview's CEO, Larry Robbins, praised Tenet's focus on patient and worker safety during the Covid-19 pandemic and emphasized that the spin-off would enhance Conifer's growth and shareholder value. With $3.5 billion in assets under management, Glenview aims to aid Tenet in evolving towards a higher ambulatory mix and promoting strong cash generation.

Positive

• Support from largest shareholder for spin-off, indicating confidence in strategic direction.
• Potential for enhanced growth and shareholder value from independent Conifer subsidiary.

Negative

• None.

NEW YORK, Feb. 10, 2021 /PRNewswire/ -- Glenview Capital Management ("Glenview"), the largest shareholder of Tenet Healthcare Corporation ("Tenet" or the "Company") (NYSE:THC), today announced that it confirms its support of the Board's decision to spin-off the Company's Conifer subsidiary to shareholders in a tax-free transaction in mid-2022. 

"We applaud the people of Tenet's resilience and focus on the front lines of the battle against Covid-19, and we support management's focus on worker and patient safety, operating efficiency and maximizing the number of patients who may be safely cared for throughout the pandemic," said Larry Robbins, Glenview CEO. "We believe Conifer's current and future customers will be best served through a continued growth of Conifer's capabilities, and we believe that all shareholders will benefit from Tenet's logical approach to launch Conifer as an independent Company by mid-2022 while continuing to evolve the Tenet portfolio to higher ambulatory mix, accelerating growth and strong cash generation."

About Glenview Capital Management

Glenview Capital is an investment management firm with $3.5 billion of assets under management. Glenview was founded by Larry Robbins, who remains CEO and portfolio manager, in 2000 and began operations in 2001.

Media Contact:

Prosek Partners (on behalf of Glenview)
Mike Geller
Partner
mgeller@prosek.com

 

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SOURCE Glenview Capital Management

FAQ

What is the spin-off plan for Tenet Healthcare's Conifer subsidiary?

Tenet Healthcare plans to spin-off its Conifer subsidiary in a tax-free transaction, expected to occur in mid-2022.

Why did Glenview Capital support Tenet Healthcare's spin-off?

Glenview Capital supports the spin-off as it believes it will enhance Conifer's capabilities and offer better service to its customers.

What are Glenview Capital's assets under management?

Glenview Capital Management has approximately $3.5 billion in assets under management.

When did Glenview Capital express support for Tenet's spin-off?

Glenview Capital expressed its support for the spin-off on February 10, 2021.

Who is the CEO of Glenview Capital Management?

Larry Robbins is the CEO of Glenview Capital Management.