Company Website:
http://www.chs.net
FRANKLIN, Tenn. -- (Business Wire)
Community Health Systems, Inc. (NYSE: CYH) (“CHS”) announced today that
it has completed its previously announced acquisition of Health
Management Associates, Inc. (NYSE: HMA) (“HMA”).
“We are very pleased to complete this important strategic acquisition
and welcome our newly affiliated hospitals and their physicians and
employees to our organization,” said Wayne T. Smith, Chairman and Chief
Executive Officer of Community Health Systems, Inc. “This transaction
provides us with increased scale and broader geographic reach as we work
to create strong healthcare networks across the nation. Our larger
organization is well positioned to address the changing dynamics in our
industry and dedicated to providing quality care for millions of
patients and all the communities we serve. We look forward to
effectively integrating this acquisition and generating significant
value for our shareholders.”
Effective today, HMA will cease trading on the New York Stock Exchange.
HMA shareholders will receive $10.50 per share in cash plus 0.06942
shares of CHS common stock for each HMA share they own. HMA shareholders
will also receive one Contingent Value Right (CVR) for each HMA share
they own, which could yield additional cash consideration of up to $1.00
per share, depending on the outcome of certain matters described in
HMA’s public filings under the “Legal Proceedings” section.
Through its affiliates, Community Health Systems now owns, leases or
operates 206 hospitals in 29 states. The organization’s affiliates
employ more than 135,000 people and approximately 27,000 physicians
serve on the medical staffs of CHS-affiliated hospitals. CHS’s
headquarters will remain in the Nashville, Tennessee, suburb of Franklin.
About CHS
Community Health Systems, Inc. is one of the largest publicly-traded
hospital companies in the United States and a leading operator of
general acute care hospitals in communities across the country. Through
its subsidiaries, the Company currently owns, leases or operates 206
affiliated hospitals in 29 states with an aggregate of approximately
31,000 licensed beds. The Company’s headquarters are located in
Franklin, Tennessee, a suburb south of Nashville. Shares in Community
Health Systems, Inc. are traded on the New York Stock Exchange under the
symbol “CYH.” More information about the Company can be found on its
website at www.chs.net.
Forward-Looking Statements
Certain statements contained in this communication may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include, but
are not limited to, statements regarding the benefits of the merger,
including future financial and operating results, the combined company’s
plans, objectives, and expectations and other statements that are not
historical facts. Such statements are based on the views and assumptions
of the management of CHS and HMA and are subject to significant risks
and uncertainties. Actual future events or results may differ materially
from these statements. Such differences may result from the following
factors: the risk that the benefits of the transaction, including cost
savings and other synergies may not be fully realized or may take longer
to realize than expected; the impact of the transaction on third-party
relationships; actions taken by either of the companies; changes in
regulatory, social and political conditions, as well as general economic
conditions. Additional risks and factors that may affect results are set
forth in HMA’s and CHS’s filings with the Securities and Exchange
Commission, including each company’s most recent Annual Report on Form
10-K or Form 10-K/A and Quarterly Report on Form 10-Q or 10-Q/A.
The forward-looking statements speak only as of the date of this
communication. Neither CHS nor HMA undertakes any obligation to update
these statements.
Contacts:
Community Health Systems, Inc.
Investor Relations:
W. Larry
Cash, 615-465-7000
President of Financial Services and Chief
Financial Officer
or
Media Relations:
Tomi Galin,
615-628-6607
Senior Vice President, Corporate Communications,
Marketing
and Public Affairs
Source: Community Health Systems, Inc.
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