FRANKLIN, Tenn. (AP) — Health Management Associates Inc. shareholders have approved the company’s sale to competitor Community Health Systems.
HMA’s board recommended in November that shareholders vote for the sale.
The deal values Naples, Fla.-based HMA at $13.78 per share. The companies have put the total value of the cash-and-stock transaction at $7.6 billion, including HMA’s debt.
Community Health Systems Inc., which is based in Franklin, Tenn., offered to buy HMA in late June.
The transaction is expected to close before the end of the month.
Shares of Community Health Systems fell 65 cents to $42.84 in Wednesday morning trading, while HMA’s stock shed 5 cents to $13.46.