No Penalty For HMA's Backout In $75M Deal, 11th Circ. Says

Law360, New York (January 24, 2013, 5:34 PM EST) -- The Eleventh Circuit refused Thursday to revive a suit against Health Management Associates Inc. for backing out of a $75 million hospital asset purchase deal, ruling HMA wasn’t obliged to compensate the hospital for the lower offer it later accepted.

In a published decision, the three-judge panel ruled U.S. District Judge J. Randall Hall had correctly found that hospital chain owner HMA never signed a binding agreement with St. Joseph Hospital in Augusta, Ga,. to purchase the hospital’s assets, and thus didn’t owe SJH the difference...
To view the full article, register now.