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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
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14a-6(e)(2))
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/X/ Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-12
TENET HEALTHCARE CORPORATION
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(Name of Registrant as Specified In Its Charter)
RICHARD B. SILVER
TENET HEALTHCARE CORPORATION
3820 STATE STREET
SANTA BARBARA, CALIFORNIA 93105
(805) 563-7000
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CONTACTS
Media Harry Anderson (805) 563-6816
Investors Paul Russell (805) 563-7188
SANTA BARBARA, CALIF. - AUG. 21, 2000 - Tenet Healthcare Corporation (NYSE:
THC) today issued the following statement:
"Tenet has received notice that M. Lee Pearce, M.D., of Miami Beach, Fla.,
filed documents with the Securities and Exchange Commission disclosing his
intention to solicit proxies to elect himself and three associates to the Board
of Directors at Tenet's annual shareholder meeting on Oct. 11. The filing
represents that Dr. Pearce is the beneficial owner of 250,042 shares of Tenet
common stock, or less than one-tenth of one percent of the approximately 315.7
million shares outstanding. According to the filing, his other nominees own no
Tenet shares.
"Tenet believes this action is unwarranted, particularly in light of the
success of the company's operating strategy and its strong performance. Earnings
per share from operations rose 10 percent in the latest fiscal year, cash flow
reached a record high and debt was reduced by $787 million. Tenet's prospects
are bright and the value of its shares has risen dramatically on the New York
Stock Exchange during the past 12 months.
"The company will soon communicate with its shareholders to supply accurate
information in response to Dr. Pearce's filing and to urge them to support
management's nominees to the Board. It will also supply background information
on Dr. Pearce's history as a dissident shareholder. According to numerous press
articles, he has acquired shares in companies and, through
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proxy contests, litigation and other means, extracted a premium on the sale of
his shares that was not available to other shareholders."
Tenet has engaged Georgeson Shareholder Communications Inc. to assist in
solicitation of proxies for the annual meeting. Shareholders are encouraged to
call Georgeson at (800) 223-2064 with any questions.
Tenet Healthcare, through its subsidiaries, owns and operates 110 acute
care hospitals with 26,939 beds and numerous related health care services. The
company employs approximately 106,000 people serving communities in 17 states
and services its hospitals from a Dallas-based operations center. Tenet's name
reflects its core business philosophy: the importance of shared values among
partners - including employees, physicians, insurers and communities - in
providing a full spectrum of health care. Tenet can be found on the World Wide
Web at WWW.TENETHEALTH.COM.
# # #
Certain statements in this release may constitute forward-looking
statements. They are based on management's current expectations and could
be affected by numerous factors and are subject to various risks and
uncertainties. Certain of those risks and uncertainties are discussed in
the Company's filings with the Securities and Exchange Commission,
including the Company's annual report on Form 10-K and quarterly reports on
Form 10-Q. Do not rely on any forward-looking statement, as we cannot
predict or control many of the factors that ultimately may affect our
ability to achieve the results estimated. We make no promise to update any
forward-looking statement, whether as a result of changes in underlying
factors, new information, future events or otherwise.
