Franklin, Tenn.-based Community Health Systems and a group of physicians from Fort Wayne, Ind.-based Lutheran Health Network who attempted to acquire LHN from CHS have agreed to end their dispute and work together moving forward, according to WANE.
In May, the physicians asked CHS to sell LHN for $2.4 billion to a group of 300 physicians who would receive backing from a private equity firm and other investors for the deal. CHS rejected the offer. The for-profit hospital operator said the $2.4 billion offer was "at least $1 billion below the fair market value" of LHN and that it has no intention of selling the hospital network, according to WANE.
In a joint statement issued Thursday, CHS and the physicians said no further action will be taken to find a new owner for LHN. "The former members of Fort Wayne Physicians, LLC, and Community Health Systems have agreed to work together in support of the care and wellbeing of their patients and Lutheran Health Network's long-term success," the statement reads.
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