Tenet is not Yahoo. Tenet will be acquired. I do not know a lot about acquisitions but I do not think tender offers are the norm even though they do happen. I dont know why. Perhaps someone here does.
As for value, I think THC would be more valuable in CYH's hands. I think there should be a good case if they were to rid themselvs of THC C level mgt to shirk government oversight. Plus where they are in same markets they could close down marginal sites and in any case bargain better with payers.
I have a feeling that CYH knew that the C level execs at THC were not going to sell for any price without the clamor of the shareholders and that is why they went public.
These guys at THC are supposed to represent the shareholders. It is hard to make a case for that given their SMU/NCAA-like behavior and their refusal to turn it over to people who can return value to the shareholders.
Valuing THC is not as fanciful as valuing something like Yahoo. Yahoo becomes more valuable if it is not Yahoo, which is to say there is no way Yahoo can be more valuable than Yahoo unless it were Google...but it's not. But THC is more of a commodity business. You can compare it to its competitors and you can make a strong case for good mgt improving things.
I thin if these guys do not sell they will face shareholder litigation.