Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of hospital operator Community Health Systems
So what: It's somewhat unusual to see an acquirer's shares rise when a deal is proposed, but that's exactly what's happening for Community Health. The hospital giant made a $3.3 billion hostile bid for competitor Tenet Healthcare
Now what: Tenet has spurned the bid, claiming that it undervalues the company, while Community Health has pledged that it is committed to getting the deal done. There could be some interesting drama ahead, and it won't be too surprising if Community Health ends up raising its bid -- investors have already pushed Tenet's stock well past the proposed $6 takeout price. Community Health shareholders will certainly want to keep a close eye on this, and make sure that Smith's opportunism doesn't turn into a crusade with an uncomfortably high price.
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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.