Community Health Systems, Inc. (NYSE: CYH) (“CHS”) and Health Management Associates, Inc. (NYSE: HMA) (“HMA”) announced today that HMA stockholders voted to adopt the previously announced merger agreement under which CHS has agreed to acquire HMA. HMA stockholders approved the transaction with approximately 98.7 percent of the votes cast at today’s special meeting voting in favor of adoption of the merger agreement, representing approximately 81.7 percent of HMA’s outstanding common shares as of November 22, 2013, the record date for the special meeting.
Steve Shulman, Chairman of the Board of Health Management Associates, said, “We are gratified that HMA stockholders have approved our merger with Community Health Systems and look forward to taking the steps necessary to complete the transaction.”
Wayne T. Smith, Chairman of the Board, President and Chief Executive Officer of Community Health Systems, said, “We are pleased that HMA stockholders have seen the significant strategic value in combining with CHS. We are working now to finalize regulatory approvals, and we expect to complete this transaction quickly so that we can integrate our two companies and deliver on our plans for long-term growth and value creation.”
The transaction is expected to be completed prior to the end of January 2014 and is subject to customary closing conditions, the receipt of regulatory approvals and the absence of certain adverse developments.
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is one of the largest publicly-traded hospital companies in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, CHS currently owns, leases or operates 135 hospitals in 29 states with an aggregate of approximately 20,000 licensed beds. Its hospitals offer a broad range of inpatient and outpatient medical and surgical services. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol "CYH."