Lifespan and Care New England officially abandoned their merger bid a week after regulators moved to block it, The Providence Journal reports.
The nonprofit corporations, Rhode Island’s two largest health care organizations, withdrew their Hospital Conversions Act merger application from the state Department of Health.
“The board of directors for both Lifespan and Care New England met separately this week and have decided not to pursue litigation on the matter,” the groups said.
The decision to abandon the deal occurred almost simultaneously with StoneBridge Healthcare, a financial turnaround company, submitting a bid to purchase Providence, R.I.-based Care New England Health System for $550 million. Read more.
