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Tenet board reduces shareholders threshold to call special meeting

Tenet Healthcare Corp.'s board approved lowering the threshold required for shareholders to call a special meeting to 25% of the outstanding shares.

Earlier, the threshold was a majority of the outstanding common stock.

The Dallas-based healthcare services provider said the lowering of the threshold was part of a number of actions the board has taken to strengthen corporate governance.

The other decisions taken by the board are terminating the company's short-term shareholder rights plan and eliminating the executive committee as a standing committee of the board.

Apart from those actions, Tenet has also taken steps over the past few months to improve governance and operations, including appointing a new CEO and executive chairman, starting a review for a potential sale of Conifer Health Solutions and divesting non-core hospital assets, the company said in the press release.

The company increased its EBITDA outlook for 2018 by $25 million to between $2.50 billion and $2.60 billion after releasing fourth-quarter earnings.

"Tenet is undergoing significant change and we are building a culture of accountability focused on delivering results and enhancing returns for our shareholders. We are making progress on our key initiatives and are confident that the actions underway will position Tenet as a stronger leader in healthcare delivery," said CEO Ronald Rittenmeyer.