Health Management Associates Stockholders Approve Proposed Acquisition by Community Health Systems
January 08 2014 - 9:25AM
Business Wire
Community Health Systems, Inc. (NYSE: CYH) (“CHS”) and Health
Management Associates, Inc. (NYSE: HMA) (“HMA”) announced today
that HMA stockholders voted to adopt the previously announced
merger agreement under which CHS has agreed to acquire HMA. HMA
stockholders approved the transaction with approximately 98.7
percent of the votes cast at today’s special meeting voting in
favor of adoption of the merger agreement, representing
approximately 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.”
Wayne T. Smith, Chairman of the Board, President and Chief
Executive Officer of Community Health Systems, 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.”
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.
About CHS
Located in the Nashville, Tennessee, suburb of Franklin,
Community Health Systems, Inc. is one of the largest
publicly-traded hospital companies in the United States and a
leading operator of general acute care hospitals in non-urban and
mid-size markets throughout the country. Through its subsidiaries,
CHS currently owns, leases or operates 135 hospitals in 29 states
with an aggregate of approximately 20,000 licensed beds. Its
hospitals offer a broad range of inpatient and outpatient medical
and surgical services. Shares in Community Health Systems, Inc. are
traded on the New York Stock Exchange under the symbol "CYH."
About HMA
Health Management Associates, Inc., through its affiliates, owns
and manages hospitals and ambulatory surgery centers in small
cities and selected larger urban markets. HMA currently operates 71
hospitals in 15 states with approximately 11,000 licensed beds.
Shares in Health Management Associates are traded on the New York
Stock Exchange under the symbol “HMA.”
Forward-Looking Statements
Certain statements contained in this communication may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, statements regarding the expected
timing of the completion of the merger, the benefits of the merger,
including future financial and operating results, the combined
company’s plans, objectives expectations and other statements that
are not historical facts. Such statements are based on the views
and assumptions of the management of CHS and HMA and are subject to
significant risks and uncertainties. Actual future events or
results may differ materially from these statements. Such
differences may result from the following factors: the ability to
close the transaction on the proposed terms and within the
anticipated time period, or at all, which is dependent on the
parties’ ability to satisfy certain closing conditions, including
the receipt of governmental approvals; the risk that the benefits
of the transaction, including cost savings and other synergies, may
not be fully realized or may take longer to realize than expected;
the impact of the transaction on third-party relationships; actions
taken by either of the companies; changes in regulatory, social and
political conditions, as well as general economic conditions.
Additional risks and factors that may affect results are set forth
in HMA’s and CHS’s filings with the Securities and Exchange
Commission, including each company’s Annual Report on Form 10-K and
Form 10-K/A for the fiscal year ending December 31, 2012.
The forward-looking statements speak only as of the date of this
communication. Neither CHS nor HMA undertakes any obligation to
update these statements.
Community Health Systems, Inc.Investor Relations:W. Larry
Cash, 615-465-7000Executive Vice President & Chief Financial
OfficerorMedia Relations:Tomi Galin, 615-628-6607Vice President,
Corporate CommunicationsorHealth Management Associates,
Inc.Investor Relations:John Merriwether, 239-598-3131Vice
President, Investor RelationsorMedia Relations:MaryAnn Hodge,
239-598-3131Vice President, Marketing & Communications
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