Mercy Iowa City has received at least one bid to compete with the University of Iowa’s $20 million offer to purchase substantially all its assets as part of the hospital’s Chapter 11 bankruptcy petition — triggering an auction this morning in Chicago. Attorneys didn’t disclose how many bids Mercy received to compete with the UI offer — which set the minimum at $20 million and required an additional “breakup fee” of $800,000 — or 4 percent — to surpass. That means any competing bid has to be at least $20.9 million — including the breakup fee and a required bid increment of $100,000, The Gazette reports. Read more.
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