Forstmann Little completes tender offer for Community Health Systems.NEW YORK--(BUSINESS WIRE)--July 10, 1996--Forstmann Little & Co. announced today that its affiliate, FLCH FLCH Flight Level Change (aviation) FLCH Facultad de Letras y Ciencias Humanas Acquisition Corp., has successfully completed its $52.00 per share cash tender offer for all outstanding common shares of Community Health Systems, Inc. (NYSE NYSE See: New York Stock Exchange :CYH CYH Check Your Head (youth driven organization in Canada) CYH Consider Yourself Hugged ). Following the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the offer at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on July 9, 1996, FLCH Acquisition Corp. accepted for payment all common shares validly tendered pursuant to the offer and not withdrawn. FLCH Acquisition Corp. has been informed by the depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. for the offer that 19,363,907 shares (including 250,824 shares tendered pursuant to guaranteed delivery procedures), representing approximately 97.6% of the outstanding common shares, were validly tendered and not withdrawn. The tender offer will be followed by a merger under which each of the 483,361 remaining publicly held shares will be converted into $52.00 in cash. On June 10, Forstmann Little announced a definitive agreement to acquire Community Health Systems for $52 per share in cash. As previously announced, the total value of the transaction is approximately $1.37 billion, including assumed and refinanced debt. Forstmann Little is investing $1 billion of its own capital and Chase Manhattan Corp. is providing $900 million of bank financing. After all shares are purchased and debt refinanced, this conservative capital structure will provide over $500 million to Community Health Systems to fund internal growth and the acquisition of additional hospitals. The company now owns or operates 38 hospitals in 18 states, primarily in the Southeast and Southwest. Community Health Systems, Inc. owns and operates full-service, acute care hospitals in non-urban communities. The hospitals serve as the nucleus for healthcare delivery in their communities by offering easy access to a full range of medical services, excellent care and competitive pricing. Founded in 1978, Forstmann Little is a private investment firm that has invested over $12 billion in 21 acquisitions, including General Instrument, Ziff-Davis Publishing and Gulfstream Aerospace Gulfstream Aerospace Corporation is a producer of several models of private jet aircraft. Gulfstream Aerospace Corporation has been a unit of General Dynamics since 2001. Gulfstream's main facility is located in Savannah, Georgia, United States. . CONTACT: Sard Verbinnen & Co. George Sard/Anna Cordasco 212/687-8080 |
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