Hedge fund Glenview Capital announced after the close Tuesday that it asked Health Management Associates (HMA) to repeal a "poison pill" provision which prevents any entity from obtaining more than a 15% stake in the company. The fund would like HMA to raise the minimum permitted stake to 25%. Glenview also announced that it would look to nominate candidates to HMA's Board.
Health Management Associates gapped open sharply higher Wednesday, but was range-bound throughout the session. Shares finished up by 1.58 at $15.51 on above average volume. The stock rose above a week and a half long range and set a new high for the year.
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