Marquette, Mich.-based UP Health System signed a nonbinding letter of intent in July to acquire Iron Mountain, Mich.-based Dickinson County Healthcare System. However, the organizations were unable to agree on the terms of the acquisition and have ended negotiations, according to The Daily News.
The termination of the nonbinding letter of intent marks the second time the proposed sale of DCHS has fallen through. In May, Green Bay, Wis.-based Bellin Health System called off its planned acquisition of DCHS, according to the report.
DCHS has faced financial challenges for months, and officials said they will continue to explore options to stabilize the system's finances.
"We have been transparent with the community and our stakeholders about the financial distress our hospital has faced, similar to many other rural hospitals across the country," said Bill Edberg, chairman of the DCHS board of trustees. "The management team and board will continue to work diligently to identify the right path forward for the health system. I am hopeful that there will continue to be even stronger support from all stakeholders in helping our community continue to have access to quality healthcare close to home."
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