Reuters – Hedge fund Accipiter Capital Management on Wednesday said it filed suit against hospital chain LifePoint Hospitals Inc. (LPNT.O: Quote, Profile, Research) over the fund’s bid to nominate new board members at LifePoint’s upcoming annual meeting.
Accipiter, which owns 1.8 percent of LifePoint shares, is fighting management over several recent mergers it calls problematic, including a recent LifePoint deal to buy five hospitals from the No. 1 hospital company HCA Inc. (HCA.N: Quote, Profile, Research).
Last month, Accipiter notified Nashville, Tennessee-based LifePoint that it would nominate several board members at its annual meeting. LifePoint responded that the fund made the nominations too late.
Accipiter, in a regulatory filing on Wednesday, said it filed a complaint against LifePoint on April 10 in the Delaware Court of Chancery, alleging LifePoint breached its fiduciary duties by blocking the Accipiter board slate and seeking a waiver of the advance notice requirement.
