Citing Extensive Due Diligence, Cooper Will Not Acquire Lourdes, St. Francis Medical Center

Cooper University Health Care announced today that it will no longer pursue the acquisition of 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.

Cooper signed a Letter of Intent on August 31, 2017 to acquire Trinity Health’s New Jersey hospitals.

Since the Letter of Intent was executed, Cooper University Health Care has undertaken substantial and exhaustive due diligence with respect to the proposed transaction that included a comprehensive review of compliance, legal, regulatory, and operational issues.  Based upon that review, Cooper University Health Care today announced that it has terminated the Letter of Intent and regretfully will not be proceeding with the previously announced transaction.

Cooper CEO Adrienne Kirby stated, “Our team has invested thousands of hours and millions of dollars in reviewing the proposed transaction. 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.”

Kirby further commented, “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.”

(Source: Media Release)