Cooper University Health Care announced 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.
Lady of Lourdes Medical Center and Lourdes Medical Center in Burlington have 325 beds each, while St. Francis Medical has 436 beds. All are full service hospitals.
Cooper CEO Adrienne Kirby said in an announcement that the health system conducted a “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.
“Our team has invested thousands of hours and millions of dollars in reviewing the proposed transaction,” said Kirby. “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.”
A spokesperson for the system said Cooper Health has no further comment.
Reginald Blaber, Lourdes Health System president, and Dave Ricci, interim president, St. Francis Medical, said in a joint statement that, "we are disappointed that our three systems could not reach a final agreement on this strategic partnership. We wish Cooper all the best and look forward to serving New Jersey together with them for a long time."