Piedmont Healthcare and Henry Medical Center to Advance Partnership Transaction Process
STOCKBRIDGE/ATLANTA, Ga. (August 11, 2011) – Piedmont Healthcare and Henry Medical Center officials announced today that the Federal Trade Commission (FTC) has issued notification of its completion of review of the required Hart-Scott-Rodino filing regarding the proposed partnership of the two organizations.
The Hart-Scott-Rodino Act established the federal premerger notification program, providing the FTC and the Department of Justice with information about large mergers and acquisitions before they occur. The established waiting period must pass or the government must grant early termination of the waiting period before the parties can proceed. On Wednesday, Piedmont Healthcare (PHC) and Henry Medical Center (HMC) were notified that the FTC had issued an early termination, reflecting compliance with all requirements and rules and completion of review by the FTC and the U.S. Department of Justice Antitrust Division.
“We were pleased with the news from the FTC, completing one additional and essential step on our partnership journey with Henry Medical Center,” said R. Timothy Stack, president and CEO of Piedmont Healthcare. “Both organizations continue to work diligently to ensure the fruition of this relationship in the best interest of the community served by Henry Medical Center.”
“As we anticipate final approval of the partnership documents and prepare the required filing with the Attorney General, we were pleased to learn that this important review by the FTC and Department of Justice was concluded favorably,” said Charlie Scott, president and CEO of Henry Medical Center. “We are most grateful for the support of our employees, physicians and community as we advance the partnership process. In particular, we appreciate the letters of support that we were able to share with these federal antitrust agencies from community leaders including Henry County Schools, the City of Stockbridge, the City of Locust Grove, the Henry County Board of Commissioners and the Henry County Chamber of Commerce.”
Greg Hurst, executive vice president and COO for Piedmont Healthcare, added, “We are eager to proceed with the next phase of our relationship with Henry Medical Center. As not-for-profit organizations devoted to serving the needs of our communities, we share a common mission, vision and set of values aimed at improving the health and lives of local residents by delivering the highest standards of care balanced with compassion and caring. We bring with us a strong spirit of collaboration, world-class quality care, and a solid track record and success in running community hospitals.”
Over the next 90 to 120 days, partnership terms will have final approval by both parties, and additional necessary regulatory approvals will be pursued prior to the signing of definitive agreements, with projected “go live” of the new organization by January 2012.