Besting a private equity consortium’s $4.4 billion offer for Triad Hospitals, Community Health Systems came up with a better, $5.1 billion offer in a deal that would create the largest publicly traded hospital system in the U.S.
The February agreement between Triad and the private equity group composed of CCMP Capital Advisors and Goldman, Sachs’ private equity arm allowed Triad to solicit superior bids from third parties.
Credit Suisse, led by Boon Sim, and Wachovia Capital Markets are advising Community Health. A Kirkland & Ellis team led by Stephen Fraidin and including Kirk Radke, Ashley Gregory, Heidi Bioski, Mark Kovner, Marimichael Skubel and Yosef Riemer, is providing counsel.
Paul Parker and Jed Brody of Lehman Brothers are advising Triad. Dewey Ballantine’s Michelle Rutta is acting as legal advisor to the target.
Full coverage to come on TheDeal.com and in The Daily Deal.
Related story: CCMP, Goldman to acquire Triad
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