After Ontario, Calif.-based Prime Healthcare Services agreed to buy Christ Hospital in Jersey City, N.J. earlier this summer, Prime asked that the sale of the hospital be expedited so the deal could clear by Dec. 31, 2011, according to a Hudson Reporter report.
A vice president representing Prime Healthcare sent a letter of intent to Christ Hospital CEO and President Peter Kelly on Aug. 12 with the terms of the agreement, which included that "the closing of this transaction would occur as soon as is commercially reasonable after all conditions to the closing…have been satisfied, but in no event later than Dec. 31, 2011," according to the report.
The next month, Mr. Kelly sent a letter to the Office of the New Jersey Attorney General for review of the sale and also requested the department approve the purchase by the end of the year. However, by law, hospital sales must undergo review as well as public hearings.
If the sale of Christ Hospital to Prime Healthcare were approved by the end of the year, it would go against the trend of normal transaction timelines in the New Jersey area as most have taken roughly 12 months for approval, according to the report.
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A vice president representing Prime Healthcare sent a letter of intent to Christ Hospital CEO and President Peter Kelly on Aug. 12 with the terms of the agreement, which included that "the closing of this transaction would occur as soon as is commercially reasonable after all conditions to the closing…have been satisfied, but in no event later than Dec. 31, 2011," according to the report.
The next month, Mr. Kelly sent a letter to the Office of the New Jersey Attorney General for review of the sale and also requested the department approve the purchase by the end of the year. However, by law, hospital sales must undergo review as well as public hearings.
If the sale of Christ Hospital to Prime Healthcare were approved by the end of the year, it would go against the trend of normal transaction timelines in the New Jersey area as most have taken roughly 12 months for approval, according to the report.
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