Health Management Associates Inc HMA.N said on Wednesday that its board of directors, which is reviewing the hospital company's agreement to be bought by Community Health Systems Inc (CYH.N), has retained advisers including Lazard Freres & Co.
Health Management said that Community Health, which offered $3.9 billion to buy the company back in July, had agreed to the hiring of advisers.
Activist investor Glenview Capital Management took control of the Health Management board last month, throwing a wrench into the deal. Glenview said that the $3.9 billion price should act as the floor offer for the company and said it would continue its effort to maximize value at Health Management.
Health Management also hired law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP and financial operating and business consultancy Alvarez & Marsal Healthcare Industry Group.
The deal is expected to close by the end of the first quarter of 2014, Health Management said in its statement.
(Reporting by Caroline Humer; Editing by Gerald E. McCormick)