Community Health Systems' $3.9B deal being reviewed by HMA board

NAPLES, FLA. — Hospital operator Health Management Associates said Wednesday its new board of directors is reviewing its planned $3.9 billion sale to Franklin, Tenn.-based Community Health Systems. HMA said its board has retained Lazard and UBS as independent advisers and engaged legal and financial counsel to help as part of the review. It said Community Health Systems agreed to those moves. Community Health Systems Inc. agreed to buy HMA in late July for $13.78 a share. The acquisition that would create a large U.S. hospital chain just as the federal health care overhaul begins adding millions of newly insured people to the health care system.