Midwest.(Loyola University Health System plans to aqcuire Gottlieb Memorial Hospital)

Modern Healthcare, February, 2008

MELROSE PARK, Ill.-Loyola University Health System, Maywood, Ill., last week offered the first details on its plans to acquire 266-bed Gottlieb Memorial Hospital in the neighboring western Chicago suburb of Melrose Park. In December Loyola filed a letter of intent with the Illinois Health Facilities Planning Board indicating the 505-bed academic medical center would acquire Gottlieb, a 46-year-old community hospital about three miles away. The deal calls for $15 million of Gottlieb's cash to go toward operating capital and another $75 million to create a foundation for health initiatives at the hospital, and it would retire its tax-exempt bond debt of about $60 million, Gottlieb spokeswoman Charlene Hill said. The planning board must grant a certificate of need before...

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