JHS Announces New Solicitation for Merger/Acquisition Proposals
Jameson Health System has recently announced it has issued requests for proposals to a wide range of potential merger partners as requested by the Pennsylvania Attorney General.
* New Solicitation Period Commenced at Request of Pennsylvania Attorney General
* Hospital Issues Request for Proposal to Potential Partners
* UPMC Reaffirms Offer Commitment Through December 31
Jameson had previously selected a proposal to merge with UPMC following a thorough review of potential partnership opportunities with regional parties. Jameson’s Board of Directors has been focused on ensuring this process results in an agreement that will support the highest interests of the community. After selecting a strong UPMC proposal, the Pennsylvania Attorney General then expressed a desire for Jameson to look for other partnership opportunities across a broader geography, which has resulted in this official solicitation process.
UPMC has reaffirmed its proposal to merge with Jameson in a transaction that would include a promise to cover all of Jameson’s long term debt and secure all of its pension liabilities. Additionally, in the near future, it would make a substantial infusion of funds to cover operating and capital needs, physician recruitment, IT advancements, and additional operational service developments. UPMC’s proposal is intended to not only provide substantial capital investments, but provides physician recruitment resources and a new sophistication for Jameson in medical research and innovation. The UPMC offer has been extended through December 31, 2015.
Under the terms of the solicitation process, proposals are due in approximately 30 days. Jameson Health System has retained Ponder & Co. as its financial advisor leading this process. For more information, interested parties should contact Chris Schoeplein at email@example.com with copies to Eb LeMaster at firstname.lastname@example.org.
Jameson Health System remains open and is continuing to serve the community throughout this process. All scheduled appointments and procedures remain on schedule.