Triad Hospitals said that a majority of its shareholders approved the $6.8 billion offer made by Community Health Systems, Franklin, Tenn., to acquire the Plano, Texas-based company. A Triad spokeswoman declined to reveal the details of the shareholder vote, citing the advice of the company's lawyers.
Triad said it expects the deal to close early in the third quarter, which begins on July 1. Triad shareholders will receive $54 in cash for each share, a total of $5.1 billion. Community also will take on $1.7 billion in Triad debt. The deal has already cleared regulatory hurdles with the Federal Trade Commission and the Securities and Exchange Commission. Community shareholders will not vote on the deal. Triad operates 53 hospitals and 13 ambulatory-surgery centers in 17 states. -- by Vince Galloro