Sharon Regional board OKS health system sale to CHS Systems of Tenn.
SHARON, PA. — Sharon Regional Health System’s board of directors recently approved the sale of the hospital and all the health-system’s assets to Tennessee-based Community Health Systems.
The agreement was reached after five months of due diligence and negotiations after the Aug. 27, 2013, announcement of the signing of a letter of intent for the sale.
The agreement must now be approved by the Pennsylvania Attorney General and the Mercer County Orphan’s Court, Sharon Regional officials said.
Because Sharon Regional has been operated as a nonprofit since its inception, by law it cannot sell its assets without approval of the attorney general and the orphan’s court, which traditionally in Pennsylvania has had the final approval on a sale of a nonprofit hospital to a for-profit entity, hospital officials said.
The attorney general’s public hearing is scheduled for 1 p.m. Thursday in Sharon Council Chambers in the Sharon City Building, 155 W. Connelly Blvd. The court hearing is Feb. 26 at 112 Mercer County Courthouse, Mercer, Pa.
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