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Grady Memorial sets up bidding war with Prime Healthcare for Georgia hospital

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Grady Memorial Hospital in Atlanta made a surprise bid to acquire financially troubled Southern Regional Medical Center in Riverdale, Ga., on Sept. 25 — the last day it could make an offer, according to The Atlanta Constitution.

With Grady's proposal, which is valued at more than $20 million, a bidding war has been set up between Grady and Prime Healthcare Foundation, the nonprofit affiliate of Ontario, Calif.-based Prime Healthcare Services. Prime signed a letter of intent to acquire all assets of Southern Regional in July.

The auction for Southern Regional, which filed for chapter 11 bankruptcy protection in August, is set for Oct. 7. Grady still needs the approval of its corporate board for its bid to go to auction. The hospital's board is set to vote the day before the auction.

More articles on healthcare industry transactions:

26 hospital transactions and partnerships in September
Small hospitals take center stage in 2015 deals
10 hospital deals that fell through this year

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