2 hospital companies mergingCommunity Health Systems Inc...

BUSINESS DIGEST

June 14, 1994

2 hospital companies merging

Community Health Systems Inc. will buy Hallmark Healthcare Corp. in a $175 million stock and debt deal that merges two of the nation's largest owners of rural and suburban hospitals.

Community Health will exchange 0.97 shares of its common stock for each share of Hallmark's common stock. In addition, Community Health will exchange 5.4 shares of its common stock for each share of Hallmark's preferred stock.

The merger also calls for Houston-based Community Health to assume $87.6 million of Hallmark's debt.

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