Hospital firm reviews sale

NAPLES — Health Management Associate's new board of directors has hired investment bankers and lawyers to review the company's sale to Community Health Systems.

In August, Glenview Capital Management, which owns 14.6% of HMA's shares, led a shareholder revolt that ousted the board. The overthrow cast doubt on the future of CHS' proposed purchase of HMA for $7.6 billion, which had been negotiated by HMA's prior board.

HMA, which operates 71 hospitals, says it has hired Lazard Frères, UBS Securities and the law firm of Paul, Weiss, Rifkind Wharton & Garrison to review the sale to CHS. In a statement, HMA says CHS consented to the engagement of the investment bankers and attorneys.

If the deal goes ahead as planned, HMA says it could be completed in the first quarter of 2014. The analysis of the deal by Lazard and UBS is due no later Nov. 19, according to a securities filing today.