The Citrus County (Fla.) Hospital Board will meet Wednesday to weigh five proposals from four suitors looking to take over struggling Citrus Memorial Health System.
The Inverness, Fla., hospital first tapped valuation firm VMG Health to assess the medical center's financial health in October 2012. Soon after, Citrus—saddled with $80 million in debt and $30 million in underfunded pension liabilities—tapped M&A consultant Josh Nemzoff to find a partner.
Four bidders are vying for the 198-bed hospital: HCA, Nashville; RegionalCare Hospital Partners, Brentwood, Tenn.; Tampa General Hospital; and Health Management Associates, Naples, Fla., which submitted two proposals (PDF).
HMA's takeover bid, valued at $293 million, is the highest. It includes a purchase price of $120 million and a capital investment of $50 million.