According to bankruptcy documents filed by Christ Hospital in Jersey City, N.J., Ontario, Calif.-based Prime Healthcare Services withdrew its bid for the hospital due to "political forces working against it," according to a Jersey Journal report.
Christ Hospital had announced a proposed acquisition by Prime in July and requested expedited regulatory approval from state officials. They wanted the sale to be approved by December 2011, but state officials said the approval process would not conclude until May or June.
Christ Hospital explained in its filing that "Prime interpreted this news (rightly or wrongly) to mean that the state was not supporting the Prime transaction," according to the report.
The union representing nurses at Christ Hospital was opposed to the Prime takeover. A union spokesperson said the system's hesitation to continue with the acquisition beyond January speaks to Prime's dedication and long-term commitment to the hospital, according to the report.
Christ Hospital in N.J. Considers Bankruptcy Following Failed Merger
Prime Withdraws Bid for Christ Hospital in N.J.
Christ Hospital had announced a proposed acquisition by Prime in July and requested expedited regulatory approval from state officials. They wanted the sale to be approved by December 2011, but state officials said the approval process would not conclude until May or June.
Christ Hospital explained in its filing that "Prime interpreted this news (rightly or wrongly) to mean that the state was not supporting the Prime transaction," according to the report.
The union representing nurses at Christ Hospital was opposed to the Prime takeover. A union spokesperson said the system's hesitation to continue with the acquisition beyond January speaks to Prime's dedication and long-term commitment to the hospital, according to the report.
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