Smith + Schwartzstein
Located In Morristown, NJ and New York, NY

Cooper ends proposed deal to acquire hospitals in New Jersey

Cooper has ended a proposed deal that would have them acquire three hospitals run by Trinity Health in the state of New Jersey. The three hospitals that were at the center of the talks involving Cooper were the St. Francis Medical Center, the Lourdes Medical Center in Burlington and the Our Lady of Lourdes Medical Center. All three are assets of Trinity Health.

Back in September of this year, Cooper had reached an agreement to acquire all three of these hospitals in New Jersey from Trinity Health. All three are full-service hospitals, with St. Francis Medical Center the largest of the three with more than 430 beds. The other two hospitals boast 325 beds apiece.

According to the chief executive officer of Cooper, the health system made its decision after conducting substantial due diligence regarding the acquisition of all three hospitals from Trinity Health. The company looked into operational, legal, compliance and regulatory issues within the three hospitals as part of the review.

Based on the review of all those items mentioned above, Cooper announced on Dec. 18 that it would not be seeking the acquisition of the three hospitals. Cooper formally withdrew its letter of intent originally submitted as part of the deal. Cooper did not release any further comment about the failed deal.

A joint statement by St. Francis Medical Center and the president of the Lourdes Health System said that they are disappointed in the decision by Cooper, but are looking forward to continuing to serve the people of New Jersey.

Have questions about business acquisitions in Morristown? An experienced business law attorney can help you understand business law in the state of New Jersey and help you navigate the legal waters.

Source: NJ BIZ, "Cooper nixes deal to acquire Trinity Health's three NJ hospitals," Dec. 18, 2017

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