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Community Health Systems Inc and Health Management Associates Inc receive FTC clearance for CHS's proposed acquisition of HMA

Wednesday, 22 Jan 2014 05:40pm EST 

Community Health Systems Inc and Health Management Associates Inc:Says that they have reached an agreement with the Federal Trade Commission (FTC) which will allow CHS to complete its acquisition of HMA.Says under the terms of the agreement, CHS is required to divest two acute care facilities and related outpatient businesses currently owned by subsidiaries of HMA: Riverview Regional Medical Center, a 281-bed hospital located in Gadsden and Carolina Pines Regional Medical Center.Says CHS does not expect these divestitures to have a meaningful impact on the combined company's financial operations or cost-savings.Says the completion of the HMA acquisition is not contingent on the immediate divestiture of these facilities, but the divestitures are required to be completed no later than six months after the FTC's order is issued.Says approval for CHS's acquisition of HMA has also been received from the West Virginia Health Care Authority with respect to HMA`s facility in Williamson, West Virginia.Says under the terms of the transaction, CHS will acquire each issued and outstanding share of the common stock of HMA for $10.50 in cash, 0.06942 of a share of CHS common stock, and a Contingent Value Right, which could yield additional cash consideration of up to $1.00 per share.