BUSINESS NEWS DIGEST | Tenet rejects CHS offer of $4.06 billion

Tenet rejects CHS offer of $4.06 billion

DALLAS

Hospital operator Tenet Healthcare Corp. on Monday rejected Community Health Systems Inc.’s latest buyout offer, which had been increased by about 21 percent.

Community’s latest offer, its last, had been set to expire Monday. Tenet says the offer still undervalues the company.

On May 2, Community Health made the increased offer of $4.06 billion, or $7.25 per share in cash. Tenet already had rejected Community Health’s $6-per-share offer last month.

CHS acquired Northside Medical Center in Youngstown, Trumbull Memorial Hospital in Warren and Hillside Rehabilitation Hospital in Howland in October.

New checking plan

PITTSBURGH

Huntington Bancshares Inc. announced Monday what it calls a new “Asterisk-Free” checking plan that offers customers free maintenance and minimum- balance requirements.

The plan also includes free ID-theft resolution, free debit-card usage and 24-hour grace, a plan previously implemented in September.

The company said Monday that Asterisk-Free should help it increase its market share based on findings from an American Bankers Association study, which ranked the elimination of checking-account maintenance fees as the most likely action that could be taken by banks to increase market share.

Gas prices drop

YOUNGSTOWN

Gas prices in Ohio are dropping closer to the $4 mark after reaching record highs.

The Monday survey from auto club AAA, the Oil Price Information Service and Wright Express puts the state’s average price at $4.02 for a gallon of regular-grade gasoline.

That’s down 7 cents from last Monday but 22 cents above the $3.80 that drivers paid last month. Last year, the average was $2.84.

In the Youngstown-Warren area, gas on Monday hovered around $3.99 a gallon for regular-grade, down 5 cents from last week.

F.N.B. to be added to SmallCap 600

HERMITAGE, PA.

F.N.B. Corp. announced Monday that it will be included in the Standard & Poor’s SmallCap 600 Index after Friday’s close.

It will be added to the S&P’s Global Industry Classification Standard and categorized in the Regional Banks Sub-Industry.

The SmallCap 600 Index was introduced in 1994. Companies are selected based on market capitalization, adequate trading liquidity, reasonable price and financial viability.

Networking group plans visitors’ day

BOARDMAN

The Meeting Success Chapter of Business Network International will host a visitors’ day at 8 a.m. Wednesday at Buffalo Wild Wings inside Southern Park Mall, 7401 Market St.

BNI is a networking organization that specializes in business referrals.

Anyone interested in attending should call Seth Winter at 330-787-5304. More information is available online at www.bni.com.

Staff reports