Community Health Systems Inc., the second-largest U.S. hospital chain, said it has agreed to buy Health Management Associates for $3.9 billion in cash and stock. Health Management fell in early trading after announcing it got additional subpoenas from regulators on its practices.

Health Management holders will receive $13.78 a share, the companies said in a statement today. That’s 7.6 percent below yesterday’s closing price. Investors also will get a contingent value right that may add as much as $1-a-share based on the outcome of legal matters, the companies said.

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