Second firm appears interested in buying Allegheny's hospitals
Article Abstract:
Tenet Healthcare Corp., a for-profit hospital firm based in Santa Barbara, CA, has expressed interest in acquiring Allegheny's ailing hospitals in Philadelphia, PA. Meanwhile, Allegheny is still in negotiations with an earlier potential buyer, Vanguard Health Systems Inc. In March 1998, Vanguard Health tendered an offer of no less than $300 million to acquire six of the nine hospitals Allegheny in Philadelphia. Allegheny intended to utilize the proceeds to pay off some of the company's debts. Tenet Healthcare, which is the owner of 123 hospitals across the US, posted $8.7 billion in revenues in 1997.
Comment:
Has expressed interest in acquiring Allegheny's ailing hospitals in Philadelphia
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Just who was minding the Allegheny store?
Article Abstract:
The unraveling of the Allegheny health system in Pennsylvania has raised questions of who is to blame. Former CEO Sherif S. Abdelhak, obviously, bears the brunt of the blame for aggressively expanding the system, only to see it collapse in his 12-year stint. Abdelkah, however, is accountable to the board of trustees of the Allegheny Health, Education and Research Foundation. Company insiders and observers are now wondering whether the trustees were aware of the extent of the system's problems and what role they have played in overseeing Abdelkah and his underlings.
Comment:
Unraveling of the health system raises questions of who is to blame
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Allegheny CEO's growth strategy proves 'paper thin.'
Article Abstract:
Allegheny health system compelled Sherif Abdelhak to step down as CEO and president of the Pittsburgh, PA-based operation on June 5, 1998, in a move that is part of its efforts to stem its losses. Abdelhak had expanded the health system with several acquisitions including 300 physician practices, the Graduate Health System and the MCP-Hahnemann School of Medicine. However, Abdelhak's growth strategy had collapsed as his amalgamated network of esteemed Philadelphia, PA, medical institutions began to lose money.
Comment:
Compelled Sherif Abdelhak to step down as CEO and president of the Pittsburgh, PA-based operation on 6/5/98
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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