Grady Memorial Hospital in Atlanta has withdrawn its bid to acquire financially troubled Southern Regional Medical Center in Riverdale, Ga., according to a WABE report.
The hospital originally made the surprise bid Sept. 25 — the last day it could make an offer. The proposal was valued at more than $20 million.
Grady Health System CEO John Haupert attributed the decision to withdraw the bid to a limited time-frame and not being able to reach out to the various community leaders that support Grady.
"Grady was not originally invited to participate in the acquisition process before Southern Regional's bankruptcy filing [in July]. It was only very late in the process that Grady was made aware of the opportunity to participate," Mr. Haupert said in a statement, according to the report. He added, "This compressed timeframe set by the bankruptcy court meant that we were still receiving documents as late as last night from the debtors counsel."
Now, with Grady out, Prime Healthcare Foundation, the nonprofit affiliate of Ontario, Calif.-based Prime Healthcare Services, is the lone bidder. Prime signed a letter of intent to acquire all assets of Southern Regional in July.
Southern Regional said the hospital's board would vote on Prime Healthcare Foundation's bid Wednesday, and if the board approves, a hearing will take place Thursday in bankruptcy court, according to the report.
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