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 "If I receive no response by that date, I will assume the offer is not a serious one and will deem it withdrawn," he wrote.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.