Mercy Hospital owns 14 properties, its flagship hospital campus is valued at $112.9 million.
The community hospital filed for bankruptcy this month. Despite signing the letter of intent with the University of Iowa, the hospital will still hear from other bidders.
“The University of Iowa and Mercy Iowa City have signed an asset purchase agreement, and the university is considered the ‘stalking horse bidder,'” Mercy President and CEO Tom Clancy wrote in an email to employees last week. “Other potential buyers could make a competing bid to acquire Mercy, and we are currently in a period where those bids could be submitted. The selected organization is generally the one offering the highest and best bid, with some advantages given to health care organizations that will take care of our patients and will continue to serve employees and the community.”
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