Stonebridge Healthcare, a hospital turnaround firm, has offered West Reading, Pa.-based Tower Health $675 million to purchase Reading Hospital, Phoenixville Hospital and Pottstown Hospital, all in Pennsylvania, and their related assets, Becker’s reports.
The proposed purchase price includes provisions involving working capital and other factors that could lower the offer.
Under the proposal, which is set to expire Dec. 9, Stonebridge said it would commit to hiring all the hospitals’ staff at pay levels “reasonably consistent” with rates paid by Tower Health.
Stonebridge, working in a partnership with Allentown, Pa.-based Lehigh Valley Health Network, made two conditional offers last year to acquire all of Tower Health’s assets for $600 million. Both offers were declined.
Lehigh Valley is not part of the revised offer. Read more.
