Community Health Systems Inc. said Monday that it was exploring potential alternatives, including a variety of transactions with financial sponsors.

Shares fell 1.6% in premarket trading.

The announcement comes after its shares rose 16% Friday after Bloomberg reported the company was exploring a possible sale of its business.

"The discussions are at a very preliminary stage and there is no timeline established for this review," the company said Monday. "There can be no certainty that the exploration will result in any kind of transaction."

In an August earnings call, the company said it was working to sell 12 of its hospitals. As of December, the company owned or leased 194 hospitals.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

September 19, 2016 09:05 ET (13:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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