Steward Health Care System said it has walked away from a deal to acquire Landmark Medical Center, ending its second bid to buy the financially struggling community hospital in Woonsocket, R.I.
The for-profit, Boston-based system said in a Sept. 27 statement (PDF) that conditions in the asset-purchase agreement were not met, which would prevent Steward from moving forward with its “model of care.”
“In recognizing that our unique model requires a level of cooperation not currently attainable, Steward has decided to step aside,” the system said. “Steward's decision to end the acquisition process now will allow the court to identify a new partner capable of securing the hospital's future.”
Earlier this week, the court-appointed special master for Landmark filed court documents that reported Steward's “apparent withdrawal” from the deal. The 133-bed hospital has been in receivership since 2008.