Duke LifePoint, which originally offered $138.7 million for the lease consideration and an initial $225 million in capital commitments, twice sweetened its proposal (PDF) so that its final bid was $200 million for the lease and $255 million for capital commitments over the first five years and 2% of net revenue after that.
The two systems courted Munroe up until the day before trustees cast their votes, according to publicly filed letters and e-mails from the suitors.
A spokesperson for Munroe Regional could not be reached for comment at deadline.
The deal would have marked Duke LifePoint's first entry into Florida after the joint venture embarked on an ambitious nationwide expansion strategy last year that already took it into Michigan's Upper Peninsula.
Health Management Associates, in contrast, has a heavy presence in the Florida market, with 23 facilities in the state, according to its website. The system earlier this month finalized a joint venture for Bayfront Health System, St. Petersburg, Fla., that gave it an 80% stake in 395-bed Bayfront Medical Center.
The Marion County Hospital District, which operates Munroe Regional, formed a strategic options workgroup in October 2011, and engaged financial advisor Ponder & Co. to help evaluate proposals to take over the hospital.
Duke LifePoint and HMA/Shands were the final two bidders in a field that initially included seven investor-owned chains.
Follow Beth Kutscher on Twitter: @MHbkutscher
