Ardent is the only Forum bidder, AG says

Ohio Attorney General Richard Cordray said his office expects to complete its review of Ardent Health Services’ proposal to buy bankrupt Forum Health by the end of the month.

Ardent, based in Tennessee, is the only bidder. It has offered $69.8 million for Forum’s assets, including its three hospitals which it pledged to keep open.

However, Forum union leaders said that within the last week Community Health Systems, also based in Tennessee, has met or is scheduling meetings with them.

Cordray filed an interim status report of the review with the U.S. Bankruptcy Court on Monday.

The role of the attorney general is to represent the public when transactions involve nonprofits. The goals of the review are to determine if the nonprofit will receive full and fair value for its assets and if the proceeds of the sale will be used in a manner consistent with the nonprofit health care entity’s original charitable purpose, Cordray said.