Becker's Healthcare November 30, 2022
Stonebridge Healthcare, a hospital turnaround firm, has offered West Reading, Pa.-based Tower Health $675 million to purchase Reading Hospital, Phoenixville Hospital and Pottstown Hospital, all in Pennsylvania, and their related assets, the Philadelphia Business Journal reported Nov. 29.
The proposed purchase price includes provisions involving working capital and other factors that could lower the offer, according to the report.
Under the proposal, which is set to expire Dec. 9, Stonebridge said it would commit to hiring all the hospitals’ staff at pay levels “reasonably consistent” with rates paid by Tower Health, according to the Journal.
Stonebridge, working in a partnership with Allentown, Pa.-based...