Tenet agrees to rescue Allegheny
Article Abstract:
Tenet Healthcare Corp. of Santa Barbara, CA, has made a takeover offer valued at $345 million in cash for eight hospitals in the Philadelphia, PA-area of Allegheny health system. Tenet, which topped the bid of a competing firm, intends to keep open all eight hospitals and retain all the staff, while injecting $60 million cash in Allegheny University of the Health Sciences. Tenet spokesman Harry Anderson said the firm will invest over $50 million annually for several years for the renovation of the hospitals. Allegheny will see its exit of the Philadelphia area with the sales after 10 years of expansion that led to debts of $1.5 billion owed to 80,000 creditors.
Comment:
Makes takeover offer valued at $345 million in cash for eight hospitals in the Philadelphia, PA-area of Allegheny health system
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Calif. firm ups ante for Allegheny
Article Abstract:
Tenet Healthcare Corp. has raised its offer for the Allegheny health system with a $465 million cash offer for eight southeastern Pennsylvania hospitals. The company has also sent its bid to trustees of Allegheny Health, Education and Research Foundation, the health system's parent organization and a creditors' committee. Allegheny, which accumulated $1.3 billion in debt in an aggressive expansion, has filed for bankruptcy protection for its physician-practice network and health sciences university.
Comment:
Has raised its offer for the Allegheny health system with $465 million cash offer for eight southeastern Pennsylvania hospitals
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
User Contributions:
Comment about this article or add new information about this topic: