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Landmark suitor won't take no for an answer

November 5, 2012

WOONSOCKET — Struggling Landmark Medical Center publicly turned up its nose at a rival, eleventh-hour offer on the hospital last week, but apparently the spurned suitor isn’t getting the message.
Yesterday, Landmark Hospital Holdco LLC renewed its overtures, accusing special master Jonathan Savage of acting too hastily in rejecting the “economically superior offer.”
“These decisions, we believe, are negatively affecting the welfare of the Woonsocket, Rhode Island community, as well as the doctors and staff who faithfully serve it,” LHH said in a prepared statement. “Not only is our offer economically superior to other potential buyers, but more broadly, it is absolutely more favorable for patients, staff and the Rhode Island community.”
On the recommendation of Savage, Superior Court Judge Michael Silverstein last month granted exclusive bargaining rights for Landmark Medical Center and its sister facility, the Rehabilitation Hospital of Rhode Island, to Prime Healthcare Services of Ontario, California, a for-profit group that operates 20 hospitals in four states.
Prime signed an asset purchase agreement for Landmark with a cash value of about $60 million, including the retirement of debt, capital improvements and physician recruitment, but Landmark Hospital Holdco LLC claims its offer is worth about $4 million more.

Read more in our print edition.

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