Tucson, Ariz.-based TMC Health has ended its bid to buy Santa Cruz Valley Regional Hospital in Green Valley, Ariz., Green Valley News reported June 17.
"After sincere and extensive analysis, TMC Health has made the difficult decision that it will not move forward with the acquisition," TMC announced without elaboration, according to the report.
The organizations signed a nonbinding letter of intent to make the deal in late April, according to the report. TMC Health told Becker's in May that it started the due diligence process to acquire the 49-bed hospital and expected the deal to go through in about 60 days.
"It came as a pretty big surprise to us," Santa Cruz Valley CEO Steve Harris told Green Valley News. "We'd been at this for months and weren't aware of any issues."
Mr. Harris told Green Valley News there are other potential buyers in Tucson.