Tenet Healthcare Corporation · NYSE:THC

Tenet Healthcare — Merger or Acquisition (July 2019)

9 slides from Tenet Healthcare's merger presentation, Jul 24, 2019

  1. Slide 1: Tenet Healthcare to Spin-Off Conifer Business by the end of the Second Quarter of 2021

    Tenet Healthcare to Spin-Off Conifer Business by the end of the Second Quarter of 2021 July 24, 2019

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements This presentation includes “forward-looking statements.” These statements relate to future events, including, but not limited to, statements regarding our future earnings, financial position, operational and strategic initiatives, and developments in the healthcare industr

  3. Slide 3: Initial Announcement of Conifer Strategic Review of Options

    Initial Announcement of Conifer Strategic Review of Options  Announced in December 2017  Strategic rationale for the review  Provide value to the Enterprise and shareholders  Determine the cash value for the business  Commercially acceptable terms and service provisions that were as good or bet

  4. Slide 4: Strategic Review Yields Clear Path to Unlocking Shareholder Value

    Strategic Review Yields Clear Path to Unlocking Shareholder Value  Over the past 18 months, we conducted an exhaustive review of potential strategic options for Conifer  Goal was to deliver value to shareholders for a business that was valuable and improving but not necessarily strategic to Tenet

  5. Slide 5: Tenet Commenced an Auction Process for Conifer in January 2018

    Tenet Commenced an Auction Process for Conifer in January 2018  Thorough review by Management and Board, with shareholder engagement, determined that an outright sale had the potential to generate significant value Process Launched in January 2018  Teasers and NDAs distributed to 74 parties Initia

  6. Slide 6: Cash Sale of Conifer

    Cash Sale of Conifer  Expectation was a cash only sale with recognition for the sustainable improvements achieved during the process  Tenet also provided a detailed offshoring plan with an expectation for some value association  Final contract terms remained an obstacle  Having a 100% of cash co

  7. Slide 7: We Also Explored Combining Conifer with Another Company, in Combination with a Tax-Free Spin

    We Also Explored Combining Conifer with Another Company, in Combination with a Tax-Free Spin Transaction Objectives Criteria for Success  Increase value through a separation in  Clear strategic rationale for combining two which Tenet shareholders would own platforms, e.g., additional management /

  8. Slide 8: Strategic Rationale for Tax-Free Spin-Off of Conifer as a Public Company

    Strategic Rationale for Tax-Free Spin-Off of Conifer as a Public Company  A separation recognizes the different financial profiles, capital needs and growth trajectories of these businesses  RemainCo will consist of the health care delivery platforms at Tenet and USPI, with 65 hospitals and 500 ou

  9. Slide 9: Tax-Free Spin of Conifer Offers Greatest Opportunity for Value Creation

    Tax-Free Spin of Conifer Offers Greatest Opportunity for Value Creation  Proposed timing positions Conifer for success as a standalone company  Restore revenue growth, refocus commercial strategy and grow sales pipeline  Select appropriate CEO to run a public company and further-enhance managemen

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