Citrus Memorial Board Rejects Tampa General Hospital Takeover Bid

The Citrus County Hospital Board in Inverness, Fla. has turned down a bid from nonprofit Tampa (Fla.) General Hospital to take over public-owned Citrus Memorial Hospital, according to a Tampa Bay Business Journal report.

The board decided to reject the Tampa General bid at a July 10 meeting. Tampa General submitted a proposal to acquire Citrus Memorial through a merger without cash initially involved, according to the report. Three other bidders — Nashville, Tenn.-based Hospital Corp. of America, Naples, Fla.-based Health Management Associates and Brentwood, Tenn.-based RegionalCare Hospital Partners — are still in the running.

Citrus Memorial is seeking another hospital or health system to offset its $83 million debt. HCA has offered $291 million for the hospital, while RegionalCare has bid $252 million. Health Management has submitted two individual bids, ranging from $238 million to $293 million. 

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