Vanguard Health bids for all of Allegheny

Article Abstract:

Vanguard Health Systems Inc. has officially made a bid to acquire all nine of Allegheny health system's hospitals in Philadelphia, PA. The offer made by Vanguard, would give a guarantee to Allegheny employees that they will not be left jobless following the sale of the hospitals. Vanguard previously backed of a deal to buy six Allegheny hospitals in June 1998, and there is no assurance that the company will be successful in sealing a deal this time because other health systems are competing to buy St. Christopher's Hospital for Children, the flagship pediatric hospital of Allegheny. Some type of auction is taking place and no final agreement has been sealed.

Comment:

Officially made a bid to acquire all nine of Allegheny health system's hospitals in Philadelphia, PA

United States, Health Care, Health Care and Social Assistance, Medical care, Vanguard Health Systems Inc.

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Tenet Healthcare says it is aware of its challenge

Article Abstract:

Tenet Healthcare Corp. of Santa Barbara, CA, has announced its intention not to back out of its winning takeover bid worth $345 million for Allegheny health system despite some challenges. The Pennsylvania system's 17,000 members and 3,200 students in eight hospitals believe that the purchase will save Allegheny. However, industry observers maintained that the sale of the eight hospitals remains a work in progress and is risky, as well as not carry much financial return. Tenet spokesperson Harry Anderson fended off the fears, noting that the company will raise $345 million in cash through a definitive deal with Allegheny's board and creditors.

Comment:

Plans not to back out of its winning takeover bid worth $345 million for Allegheny health system despite some challenges

Asset sales & divestitures, Hospitals, California, Pennsylvania, Tenet Healthcare Corp., Allegheny Health Systems

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