(Reuters) - Tenet Healthcare Corporation (THC.N) said on Monday it reached an agreement with its largest shareholder Glenview Capital Management to vote in favor of the hospital operator’s board nominees.
Hedge fund Glenview has nearly 18 percent stake and has withdrawn its proposal made in February to amend Tenet’s bylaws that would allow shareholders to take action by written consent without a meeting, the company said.
Last year, Glenview pulled off its two representatives from the board, citing “irreconcilable differences” over strategy.
As part of the latest agreement, Tenet has revised the special meeting bylaw so that it can only be amended by a vote from majority shareholders, handing Glenview a greater say in the company.
Tenet also added it would hold an annual shareholder meeting at least once every 13 months. The company plans to hold a meeting in early May, according to a regulatory filing.
Reporting by Mrinalini Krothapalli; Editing by Arun Koyyur