23 Aug MISSION HEALTH AND HCA HEALTHCARE HAVE SIGNED A LETTER OF INTENT – WHAT DOES THIS MEAN? IS IT FAIR TO SAY NEGOTIATIONS ARE OFFICIALLY UNDERWAY TOWARD A DEFINITIVE AGREEMENT? WHAT IS THE TIME FRAME FOR WHEN YOU BELIEVE THE TRANSACTION WILL BE FINAL? WHAT ARE THE CHANCES THAT WILL OR WILL NOT OCCUR?
A Letter of Intent (LOI) means that the parties have mutually agreed to further evaluate a potential relationship between them using a defined process and within certain parameters. Said another way, the LOI provides an outline of what an agreement might ultimately look like but it is fully contingent upon additional information and is non-binding.
As a result of the signing of the Letter of Intent, Mission Health and HCA Healthcare have begun the due diligence and definitive negotiation phase of process. We anticipate that the due diligence process will take 90-120 days to complete. If we confirm in this next discovery phase that joining HCA Healthcare holds the great promise and potential that we believe it does and definitive agreements are signed, that will trigger a 90-day regulatory review period. Any transaction remains subject to eventual approval by the Attorney General, but given the promise and potential we believe this holds for western North Carolinians, we are hopeful this transaction will proceed smoothly and receive the required regulatory approvals.
If regulatory requirements are met, Mission Health would then become a member of the HCA Healthcare family sometime later this calendar year.