Tenet Sale Speculation Jump-starts Stock

Dallas-based Tenet Healthcare’s stock rose more than 14 percent after the market closed Wednesday on rumors that the company was “exploring its options, including a possible sale,” The Wall Street Journal reported.

Tenet’s exiting CEO, Trevor Fetter, announced during a recent investors conference that it will divest eight hospitals, including two in Philadelphia. Fetter also said Tenet is looking to sell nine of its facilities in the U.K.

Last month, three of Tenet’s board members announced their departure, including Fetter. Fetter will leave his post no later than March, while directors Randy Simpson and Matt Ripperger have already left.

Simpson and Ripperger served as partners and co-heads of healthcare for New York-based hedge fund Glenview Capital Management, Tenet’s largest shareholder. Glenview currently owns 17.8 percent of Tenet’s stock.

Tenet declined to comment further on this matter.

Posted in News.