Reuters: Global Markets: HMA shares rise 11 percent on activist push

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HMA shares rise 11 percent on activist push Jun 12th 2013, 20:41 Wed Jun 12, 2013 4:41pm EDT (Reuters) - Shares of Health Management Associates Inc (HMA.N) gained more than 11 percent on Wednesday on investor beliefs that it might be a takeover target after hedge fund Glenview Capital Management urged it to remove or amend its poison pill and said it might try to replace members of its board. Glenview, which says it owns 14.6 percent of HMA's stock, is requesting that the Naples, Florida-based hospital operator either get rid of its poison pill or increase the percentage of stock a person would be permitted to own without triggering the poison pill. Glenview wants HMA to increase that percentage to 25 percent from the current 15 percent, according to a document filed with the U.S. Securities and Exchange Commission. In addition, Glenview said it is evaluating whether to propose making changes to HMA's board of directors, according to the filing. HMA's management is reviewing "this new development from Glenview," a spokeswoman said via email. Glenview declined to comment. HMA's shares gained 11.3 percent to close at $15.51 on the New York Stock Exchange on Wednesday. The company said on May 28 that Chief Executive Gary Newsome will retire on July 31, prompting speculation that HMA may be an acquisition target. (Reporting by Jessica Toonkel in New York; editing by Matthew Lewis) Link this Share this Digg this Email Reprints

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