Local Health Networks Not Giving Up Pursuit of Tower Health, Including Pottstown Hospital

Image via Lehigh Valley Health Network.

Stonebridge Health and Lehigh Valley Health Network have not given up attempts to acquire Tower Health. Their combined interest continues for the parent company of Pottstown Hospital, as well as Brandywine and Phoenixville hospitals, and the soon-to-close Jennersville Hospital. John George reported the ongoing acquisition tactics for the Philadelphia Business Journal.

The Bucks County-based hospital turnaround company — in partnership with the Allentown-based health system — presented a proposal to Tower Health Board Chairman C. Thomas Wolk. In it, they offer $600 million to acquire the financially struggling health system’s assets.

This conditional deal is practically the same as the one the partnership sent to Tower over the summer.

Meanwhile, the beleaguered hospital system has remained steady in its decision to remain independent and continue working on pursuing a partnership with the University of Pennsylvania Health System.

“In July of this year, Tower Health’s Board of Directors concluded a disciplined, yearlong process by signing a letter of intent to pursue a strategic alliance with Penn Medicine,” said Tower. “All other parties who had expressed interest in Tower Health were promptly informed of this decision in writing and thanked for presenting other options to Tower.”

Tower has posted adjusted operating losses of more than $500 million over the past two fiscal years.

Read more about the jockeying for this multisite hospital network in the Philadelphia Business Journal.

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