ISHPEMING, MI-- Bell Hospital has signed a letter of intent to be taken over by LifePoint Hospitals.
Officials say the potential acquisition will provide Bell with additional resources to strengthen its operations and enhance services. They say it also means Bell would be another source of tax revenue in Ishpeming, since it would turn into a for-profit entity.
Proceeds from the transaction would also retire Bell’s financial obligations and fund a small, locally-governed charitable foundation.
The negotiation process is expected to take 60 to 90 days. At that time a definitive agreement will be reached, which will be subject to review by the Attorney General of Michigan.
The announcement follows another last week that Portage Health in Hancock had also signed a letter of intent with LifePoint.
