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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HCA Healthcare Inc | NYSE:HCA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
4.65 | 1.39% | 339.75 | 339.97 | 331.90 | 335.09 | 2,050,310 | 01:00:00 |
“We are disappointed that Enhabit’s strategic review process has concluded without a sale of the Company. We do not believe that this failure reflects Enhabit’s intrinsic value or strategic potential. Rather, this failure lies with Enhabit’s Board. In March, we nominated a slate of seven highly qualified candidates to stand for election at the 2024 Annual Meeting. We chose not to publicly disclose our nomination to avoid disrupting the strategic review process to the detriment of shareholders, but clearly our hope that this Board might finally deliver a positive result for its shareholders was wishful thinking.
We believe that Enhabit’s lackluster operating performance relative to peers over the past two years plainly demonstrates that the Board urgently needs the deep operational expertise in home health and hospice that the AREX Slate would bring. The AREX Slate is eager to begin the work of driving improvement at Enhabit and maximizing value for all shareholders.”
AREX SLATE BIOGRAPHIES
Megan Ambers
Ms. Ambers brings a deep understanding of home health and hospice labor strategies, operations, payor models, utilization, and organizational optimization to the Board.
James T. Corcoran
Mr. Corcoran brings extensive knowledge of capital markets and corporate governance practices.
Maxine Hochhauser
Ms. Hochhauser brings more than 30 years of experience as a healthcare executive, focused mainly on home health and home care operations, and a history of successfully navigating challenging financial, regulatory, and payor transitions.
Mark W. Ohlendorf
Mr. Ohlendorf brings 30 years of diverse experience in senior-related healthcare, including in the home health, hospice, and senior housing markets in addition to his financial and accounting expertise.
Anna-Gene O’Neal
Ms. O’Neal brings 35 years of healthcare experience, including leadership positions in home health and hospice operations, and a demonstrated ability to grow revenue and improve the quality of patient care.
Dr. Gregory S. Sheff
Dr. Sheff brings extensive knowledge of home health operations and insight into large payors along with more than 20 years of healthcare experience, both as a practicing physician and executive, with a particular focus on home- and value-based care.
Juan Vallarino
Mr. Vallarino brings more than 40 years of experience in the healthcare industry, coupled with his extensive knowledge of multifaceted home health and post-acute experience along with a deep understanding of managed care payor negotiations.
About AREX
AREX Capital Management, LP is a value-oriented investment firm based in New York City. AREX takes a long-term, opportunistic approach to investing and focuses primarily on publicly traded companies with significant, unrealized potential.
Media Contact
Valerie Toomey, Chief Operating OfficerAREX Capital Management, LP(646) 679-4000info@arexcapital.com
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
AREX Capital Master Fund, LP, an exempted limited partnership organized under the laws of the Cayman Islands (“AREX Capital Master”), together with the other participants named herein, intends to file a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of its slate of highly qualified director nominees at the 2024 annual meeting of stockholders of Enhabit, Inc., a Delaware corporation (the “Company”).
AREX CAPITAL MASTER STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to be AREX Capital Master, AREX Capital Partners, LP, a Delaware limited partnership (“AREX Capital Partners”), AREX Capital, Ltd., a Cayman Islands exempted company (“AREX Limited”), AREX Capital GP, LLC, a Delaware limited partnership (“AREX Capital GP”), AREX Capital Management, LP, a Delaware limited partnership (“AREX Capital Management”), AREX Capital Management GP, LLC, a Delaware limited liability company (“AREX Capital Management GP”), Andrew Rechtschaffen, Megan Ambers, James T. Corcoran, Maxine Hochhauser, Mark W. Ohlendorf, Anna-Gene O’Neal, Dr. Gregory S. Sheff, and Juan Vallarino.
As of the date hereof, AREX Capital Master directly beneficially owns 549,277 shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”) and has economic exposure to an aggregate of 54,782 notional shares of Common Stock pursuant to certain cash-settled total return swap agreements. Each of AREX Capital Partners and AREX Limited, as feeder funds of AREX Capital Master, may be deemed to beneficially own the 549,277 shares of Common Stock owned by AREX Capital Master. AREX Capital GP, as the general partner of AREX Capital Master, may be deemed to beneficially own the 549,277 shares of Common Stock owned by AREX Capital Master. AREX Capital Management, as the investment advisor of each of AREX Capital Master and certain accounts separately managed by AREX Capital Management (the “AREX Managed Accounts”), may be deemed to beneficially own the 2,425,809 shares of Common Stock owned in the aggregate by AREX Capital Master and held in the AREX Managed Accounts. AREX Capital Management GP, as the general partner of AREX Capital Management, may be deemed to beneficially own the 2,425,809 shares of Common Stock owned in the aggregate by AREX Capital Master and held in the AREX Managed Accounts. Mr. Rechtschaffen, as the Managing Member of each of AREX Capital GP and AREX Capital Management GP, may be deemed to beneficially own the 2,425,809 shares of Common Stock owned in the aggregate by AREX Capital Master and held in the AREX Managed Accounts. As of the date hereof, none of Mses. Ambers, Hochhauser nor O’Neal, nor Messrs. Corcoran, Ohlendorf nor Vallarino, nor Dr. Sheff own any shares of Common Stock.
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