Clock is ticking for HMA shareholders

NAPLES — The clock has begun for the shareholders of Health Management Associates. In a statement, Glenview Capital Management LLC, which owns 14.6% of HMA's stock, says it will deliver written consent today to HMA to begin the democratic process of electing nominees it set forth to replace HMA's current board of directors.

HMA shareholders of record as of July 18 have 60 days to submit their consent to HMA if they support Glenview's nominees to replace the board. To ensure HMA receives their consent by the deadline, Glenview is requesting shareholders to submit them by Aug. 19.

Glenview, a New York City-based hedge fund, says its board nominees have met three times in the past several weeks to prepare a transition plan and set up committee structures in the case they are elected.

One of Glenview's nominees for the board, Earl Holland, has withdrawn his candidacy. The eight remaining board nominees and their background information are listed at revitalizehma.com, the website Glenview created to aid it in its campaign to oust HMA's current board.

Naples-based HMA has urged shareholders not to respond to Glenview's call for consent. The company, which has fallen short of analysts' expectations, argues its stockholders should give it time to see how its recent actions affect performance. HMA (symbol: HMA; recent price: $15.86) operates 71 hospitals in the United States.