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ProMedica no longer interested in Summa Health

A Toledo, Ohio-based ProMedica spokesperson confirmed the organization is backing away from proposing to acquire Summa Health, a three-hospital system in Akron, Ohio, The Blade reports.

The spokesperson told The Blade ProMedica officials reviewed Summa Health's request for proposal and will pass on making a bid to acquire the system. The individual said ProMedica is currently focused on completing its acquisition of HCR ManorCare, a nursing home chain based in Toledo.

"Given another time and set of circumstances, we would have seriously looked at this opportunity. And we will continue to evaluate opportunities in healthcare as they may arise from time to time," the spokesperson said.

ProMedica President and CEO Randy Oostra told The Blade last week the system was interested in Summa Health because both organizations share an emphasis on community health and each operates a sizeable insurance plan.

The incident marks the second time ProMedica and Summa Health decided not to pursue a partnership agreement. Mr. Oostra told the publication last week the organizations engaged in talks roughly seven years ago, but ultimately could not come to an agreement.

To access the full report, click here.

More articles on transactions and valuations:
Florida hospital damaged by Hurricane Irma up for sale for $2.5M
UConn Health solicits financial partners
ProMedica eyeing new merger deal with Summa Health

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