Community Health Systems gets Forum Health for $120 million

Community Health Systems’ bid of $120 million was enough to make it the new owner of Forum Health, subject to the approval of the Ohio Attorney General and the U.S. Bankruptcy Court.

A subsidiary of Community Health, the nation’s largest publicly traded hospital company, was chosen by Forum Health as its new owner during an auction Thursday in Cleveland at the offices of McDonald Hopkins, one of the law firms representing Forum.

Ardent Health Services, the only other qualified bidder, was determined to be the backup bidder, according to a written Forum statement. Ardent’s bid going into the auction was $69.8 million, and CHS’s initial bid was $100 million.

In accordance with procedures established by the bankruptcy court, Forum Health said it will seek approval of the auction outcome at a sale hearing scheduled for 9:30 a.m. Tuesday before Judge Kay Woods.

“We are trying to get a good outcome for everyone with an interest in Forum Health,” said Phillip Dennison, Forum board chairman.

Read more in Friday’s Vindicator and Vindy.com