As Forum Health moves closer to a scheduled bankruptcy auction next month, Ohio's Attorney General said his staff is close to completing a review from a potential buyer.
Richard Cordray was in the area Monday morning giving an update on the review of a bid offered by Ardent Health Services for all of Forum's assets in the Valley. Although Ardent Health is the only formal bidder at this time, Cordray said his staff is aware of the interest being expressed by Community Health Systems.
The Attorney General said if any other bids are offered, they too will have to go through the same scrutiny that Ardent Health is now.
"It can be expedited if the parties are cooperative, but it takes time," Cordray said. "So the notion that somebody else would sail in, make a proposal. buy these assets and be ready to go, they're gonna have to account for the fact the attorney general's office has a role in this."
Should his staff approve the offer made by Ardent Health, he said it would not necessarily mean the deal is finished. Cordray warned that no deal can happen without his office's stamp of approval.
"It will not be able to close without our review being done," he added. "So this is a piece of the puzzle that I caution all parties, again, is an integral piece of the puzzle [that] needs to be respected and needs to be taken into account."
He said his staff has received good cooperation from both Forum and Ardent Health and expects the review should be completed in time for the Aug. 5 scheduled auction.
