SAN DIEGO and NASHVILLE, Tenn., June 24, 2013 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP
are investigating the acquisition of Vanguard Health Systems, Inc.
(NYSE: VHS) by Tenet Healthcare Corporation Inc. (NYSE: THC). On
June 24, 2013, the companies jointly
announced the signing of a definitive merger agreement under which
Tenet will acquire Vanguard for $21
per share in cash.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Acquisition Best for Vanguard and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Vanguard is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders in the
merger.
On April 30, 2013, Vanguard
released financial results for its fiscal 2013 third quarter and
nine months ended March 31, 2013,
reporting gains in cash flows from operating activities and net
income attributable to Vanguard shareholders. Specifically,
Vanguard reported an increase in cash flows from operating
activities of $79.6 million for the
nine months ended March 31, 2013,
compared to the same period the prior year. The company also
reported net income attributable to Vanguard shareholders of
$47.4 million for the nine months
ended March 31, 2013, compared to
$38 million for same period the prior
year. In addition, Vanguard has exceeded analyst EPS
estimates in six of the last eight quarters and exceed net income
estimates in five of the past eight quarters. Moreover, following
completion of the merger, Charlie
Martin, Vanguard's founder, chairman, and chief executive
officer, will join Tenet's Board of Directors. Keith Pitts, Vanguard's vice chairman, will join
the Tenet senior management team as vice chairman.
Given these facts, the firm is examining Vanguard's board of
directors' decision to merge with Tenet now rather than allow
shareholders to continue to participate in the company's continued
success and future growth prospects.
Vanguard shareholders have the option to file a class action
lawsuit to secure the best possible price for shareholders and the
disclosure of material information to shareholders. Vanguard
shareholders interested in information about their rights and
potential remedies can contact Darnell R.
Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/vanguard-health-systems-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP