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HMA to Merge with Tennesseebased Company

By Coastal Breeze News

Naples-based Health Management Associates Inc. (NYSE: “HMA”) announced today that its stockholders voted to adopt a previously announced merger agreement with Nashville, TN-based Community Health Systems Inc (NYSE: CYH). HMA stockholders approved the transaction with approximately 98.7 percent of the votes cast at a special meeting held today at Tiburon Golf Club in North Naples. This vote represented roughly 81.7 percent of HMA’s outstanding common shares as of November 22, 2013, the record date for the special meeting.

Steve Shulman, chairman of the board of Health Management Associates, said, “We are gratified that HMA stockholders have approved our merger with Community Health Systems and look forward to taking the steps necessary to complete the transaction.”

The merger encompasses HMA’s 71 hospitals in 15 states with approximately 11,000 licensed — including both Physicians Regional locations in Naples and the Physicians Regional-Marco Island clinic. Through its subsidiaries, CHS currently owns, leases or operates 135 hospitals in 29 states with an aggregate of approximately 20,000 licensed beds.

According Taylor Hamilton, marketing director for for Physicians Regional Healthcare System, the merger will have little impact locally. “It will be business as usual,” Hamilton noted. “We will continue to provide the high level of quality health care possible for our patients.”

The transaction is expected to be completed prior to the end of January 2014, and is subject to customary closing conditions, the receipt of regulatory approvals and the absence of certain adverse developments.

Wayne T. Smith, chairman of the board, president and CEO of CHS, said: “We are pleased that HMA stockholders have seen the significant strategic value in combining with CHS. We are working now to finalize regulatory approvals, and we expect to complete this transaction quickly so that we can integrate our two companies and deliver on our plans for long-term growth and value creation.”

 

 

 

 

Naples-based Health Management Associates Inc. (NYSE: “HMA”) announced today that its stockholders voted to adopt a previously announced merger agreement with Nashville, TN-based Community Health Systems Inc (NYSE: CYH). HMA stockholders approved the transaction with approximately 98.7 percent of the votes cast at a special meeting held today at Tiburon Golf Club in North Naples. This vote represented roughly 81.7 percent of HMA’s outstanding common shares as of November 22, 2013, the record date for the special meeting.

Steve Shulman, chairman of the board of Health Management Associates, said, “We are gratified that HMA stockholders have approved our merger with Community Health Systems and look forward to taking the steps necessary to complete the transaction.”

The merger encompasses HMA’s 71 hospitals in 15 states with approximately 11,000 licensed — including both Physicians Regional locations in Naples and the Physicians Regional-Marco Island clinic. Through its subsidiaries, CHS currently owns, leases or operates 135 hospitals in 29 states with an aggregate of approximately 20,000 licensed beds.

According Taylor Hamilton, marketing director for for Physicians Regional Healthcare System, the merger will have little impact locally. “It will be business as usual,” Hamilton noted. “We will continue to provide the high level of quality health care possible for our patients.”

The transaction is expected to be completed prior to the end of January 2014, and is subject to customary closing conditions, the receipt of regulatory approvals and the absence of certain adverse developments.

Wayne T. Smith, chairman of the board, president and CEO of CHS, said: “We are pleased that HMA stockholders have seen the significant strategic value in combining with CHS. We are working now to finalize regulatory approvals, and we expect to complete this transaction quickly so that we can integrate our two companies and deliver on our plans for long-term growth and value creation.”


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