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 Mercy Health Partners News --August 28, 2007 Baptist Health System of East Tennessee and St. Mary's Health System announced today they have signed a letter of intent, affirming their intent to merge, subject to due diligence and appropriate regulatory approval. The Boards of Directors of both organizations, in separate meetings today, authorized the letter of intent. In a joint statement, Debra K. London, President and CEO of St. Mary's, and Janice James, acting CEO of Baptist, said, "If, after due diligence, both parties agree to move forward, we believe that the residents of East Tennessee will greatly benefit from the merger of these two longstanding, faith-based healthcare systems. “This merger will bring together two groups who express their faith differently, but who share the same common mission and spiritual values. This shared mission will result in a more efficient, effective and competitive system, better able to meet the needs of all members of the communities we serve." Assuming satisfactory completion of due diligence and regulatory approvals, the parties expect the merger to take effect January 1, 2008. Back |
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