Steward, a new for-profit system backed by the private equity firm of Cerberus Capital Management, had proposed taking over the financially troubled Florida system, offering to pay $600 million for it and to cover $500 million in its debt.
However, the Miami public hospital system let a March 16 deadline for responding to Steward’s offer pass without taking action. The board had objected to Steward’s request for a 60-day exclusivity window to examine Jackson’s financial books.
Steward continues to look for hospitals to buy. It recently completed a $21 million acquisition of two for-profit community hospitals in Massachusetts.
Read the Boston Globe report on Steward Health Care System.
Related Articles on Acquisitions by Steward Health Care System:
Steward Finalizes Purchase of Two Massachusetts Hospitals
Boston’s Steward Health Approved to Acquire Merrimack and Nashoba Valley Hospitals
Massachusetts’ Saints Medical Center Signs Letter of Intent With Steward
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