WakeMed faces a Friday deadline to provide more information about its $750 million offer to buy rival Raleigh hospital Rex Healthcare.
WakMed made its hostile takeover offer last month in a letter to Thomas Ross, president of the UNC system, which has owned Rex since 2000. But that offer included "insufficient information" to evaluate the proposal, Ross wrote in a recent letter responding to WakeMed CEO Bill Atkinson.
Ross is seeking additional data, including how WakeMed will pay for the acquisition, the identity of a "reputable" investment bank advising WakeMed on the deal, commitments regarding retention of Rex employees, and how "such a transaction would comply with Federal anti-trust laws."
Ross wants more information by Friday. "If I receive no response by that date, I will assume the offer is not a serious one and will deem it withdrawn," he wrote.
WakeMed spokeswoman Heather Monackey said officials are working on a written response and expect to have it ready this week.
Ross also wants other information, including how the "missions, visions and values" of the two hospitals would align and "details of the ways WakeMed contends the cost of health care in Wake County and across the state would be lowered."
He also wants more explanation of "the position Rex Healthcare would occupy in the WakeMed organization."
UNC officials, including UNC Health Care System CEO Bill Roper, have said they aren't interested in selling Rex, but will carefully consider an official offer from WakeMed.
Last week, Roper told UNC's board that "dismembering" UNC Health Care by carving out Rex would hurt the whole system. "This whole enterprise, this integration, is at risk if we start pulling the parts away," he said.
"The sale of Rex would jeopardize our ability to carry out our mission for those folks who have nowhere else to go," Roper added, referring to indigent patients.