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Thursday, Mar 28, 2024
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Anaheim Memorial Hospital Sale Falls Through; New Bidding Expected

The proposed $68 million sale of Anaheim Memorial Medical Center to Integrated Healthcare Holdings Inc. is off.

Memorial Health Services Inc., the Huntington Beach-based owner of Anaheim Memorial, said Thursday that Santa Ana-based Integrated, which owns four OC hospitals, couldn’t complete its financing and sign a final agreement to buy Anaheim Memorial.

Memorial said it was going to conduct a “limited re-bidding” process for Anaheim Memorial, and that Integrated would be able to participate in the rebidding, along with Prime Healthcare Services Inc., a Victorville company whose bid to buy Anaheim Memorial for $55 million was quashed by Attorney General Jerry Brown’s office back in July.

Integrated Chief Executive Bruce Mogel said the company was excited it was still in the bidding process, and said that financing for the Anaheim Memorial deal fell apart because last minute additional information from lenders wasn’t obtained.

Thursday’s news is the second time within about six months that a deal to buy Anaheim Memorial has fallen by the wayside.

Attorney General Jerry Brown’s office stopped the Prime bid because of concerns about the bidding process. Approval from Brown’s office is required when a non-profit hospital, such as Anaheim Memorial, is sold to a for-profit operator.

Prem Reddy, Prime’s chief executive, declined comment earlier this month when asked if he was going to pursue Anaheim Memorial again.

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