Spectrum Health, based in Grand Rapids, Mich., looks to further expand its base in the Great Lakes State, as it has signed a nonbinding letter of intent to acquire Memorial Medical Center in Ludington, Mich.
MMC executives chose Spectrum after months of consideration. MMC drew interest from 27 hospitals and health systems initially, and the 87-bed hospital went with Spectrum because executives thought Spectrum was "the best possible solution for the communities and people we serve, as well as for our doctors and staff," according to a news release.
Financial details of the merger were not disclosed. Both parties said details will be ironed out in the next few months as they reach a definitive agreement. The preliminary deal will keep MMC's board of directors, and MMC will also have access to more capital and more medical specialists.
MMC CEO Mark Vipperman said in the release that when the merger is finalized, Spectrum will retain all MMC employees.
MMC executives chose Spectrum after months of consideration. MMC drew interest from 27 hospitals and health systems initially, and the 87-bed hospital went with Spectrum because executives thought Spectrum was "the best possible solution for the communities and people we serve, as well as for our doctors and staff," according to a news release.Financial details of the merger were not disclosed. Both parties said details will be ironed out in the next few months as they reach a definitive agreement. The preliminary deal will keep MMC's board of directors, and MMC will also have access to more capital and more medical specialists.
MMC CEO Mark Vipperman said in the release that when the merger is finalized, Spectrum will retain all MMC employees.
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