The Dallas-based company that owns Doctors Medical Center of Modesto and Emanuel Medical Center of Turlock could be sold, according to news reports.
USA Today reported that a major shareholder is pushing for changes at Tenet Healthcare Corp. Tenet has owned Doctors of Modesto for decades and completed an acquisition of Emanuel in Turlock in 2014. The company's chain of hospitals also includes Doctors Hospital of Manteca.
Glenview Capital Management, a hedge fund that owns 17.8 percent of Tenet's stock, has talked with Tenet’s board members about strategic alternatives for the company. Those options include a possible sale of assets or divisions or sale of the entire company, USA Today reported.
Tenet’s stock price rose nearly 8 percent Thursday as the health care industry was abuzz with news of the possible sale. The Wall Street Journal, Dow Jones and Forbes reported that Tenet was under pressure from Glenview to explore options.
The Modesto Bee will have more on this story.