Sept 25 Health Management Associates Inc
said on Wednesday that its board of directors, which is
reviewing the hospital company's agreement to be bought by
Community Health Systems Inc, 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.