Camden, N.J.-based Cooper University Health Care declared Dec. 15 the health system will no longer pursue its proposed acquisition of Livonia, Mich.-based Trinity Health's assets in New Jersey.
Cooper signed a letter of intent in August 2017 to acquire Camden-based Our Lady of Lourdes; Willingboro-based Lourdes Medical Center of Burlington County; and Trenton-based St. Francis Medical Center.
Cooper officials said the health system undertook substantial due diligence regarding the proposed transaction. However, officials decided to terminate the letter of intent.
Cooper University Health Care President and CEO Adrienne Kirby, PhD, said in a statement, "Our team has invested thousands of hours and millions of dollars in reviewing the proposed transaction. Based upon this review, unfortunately, we will not be able to consummate the contemplated transaction. We are all disappointed, but did not make this decision lightly."
The deal would have made Cooper the fourth largest health system in New Jersey, according to nj.com.