Cooper Abandons Bid To Purchase Trinity Health Hospitals

Cooper University Hospital has abandoned its quest to acquire Trinity Health’s New Jersey assets, including Our Lady of Lourdes Medical Center, Lourdes Medical Center of Burlington, and St. Francis Medical Center in Trenton, the health system announced this week.

In August, Cooper signed a letter of intent to acquire Trinity Health’s New Jersey hospitals. Since then, Cooper participated in a due diligence period that included a comprehensive review of compliance, legal, regulatory, and operational issues. Following that review, Cooper opted to terminate the letter of intent.

“Our team has invested thousands of hours and millions of dollars in reviewing the proposed transaction,” Cooper CEO Adrienne Kirby said. “Based upon this review, unfortunately, we will not be able to consummate the contemplated transaction. We are all disappointed, but did not make this decision lightly.

“The doctors, other clinicians, and employees with whom Cooper and its team have interacted, are among the finest and most dedicated group of individuals we have found in the health care industry, and we wish them well in their future endeavors.”

Patch file photo