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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

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Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

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Overland Sheepskin opening Sundance Square store in Fort Worth

The store is expected to open by the holidays, Sundance said.

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Home health firm relocates to Ridglea from downtown

Southwest Home Health Services has leased new headquarters space in the Ridglea East Building in West Fort Worth, setting a plan in motion to relocate Oct. 1 from the downtown.

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Tenet to acquire Vanguard Health Systems in $4.3B deal
 
A. Lee Graham
Reporter
 
Tenet Healthcare Corp. of Dallas plans to acquire Vanguard Health Systems Inc. for $21 per share in a transaction valued at $4.3 billion, including the assumption of $2.5 billion in Vanguard debt.
Both boards of directors have unanimously approved the transaction, with Tenet securing fully committed financing from Bank of America Merrill Lynch.
“This unique strategic transaction will bring together organizations that share a common commitment to providing high quality care and create significant new growth prospects for Tenet,” said Tenet president and CEO Trevor Fetter, commenting in a news release.
“This acquisition will take Tenet into new geographic markets, expand the breadth of our service offerings, diversify our earnings sources and increase the benefits we expect to realize under healthcare reform,” Fetter said.
The acquisition, expected to close before the end of 2013, is subject to customary closing conditions and regulatory approvals. Upon closing, Charlie Martin, Vanguard founder, chairman and CEO, will join Tenet’s board of directors. Keith Pitts, Vanguard’s vice chairman, will join the Tenet senior management team as vice chairman.
Serving as Tenet’s legal counsel in the transaction was Gibson Dunn & Crutcher, with Lazard acting as lead financial and strategic adviser. Bank of America Merrill Lynch, Barclays and Teneo Capital also served as advisers for Tenet. Skadden, Arps, Slate, Meagher & Flom served as Vanguard’s legal counsel and JP Morgan acted as exclusive financial and strategic adviser.
The deal expands Tenet’s total ownership to 79 hospitals and 157 outpatient facilities and diversifies its geographic footprint to 16 states, including two new Texas markets. Specific locations were not immediately disclosed.
Tenet Healthcare Corp., through its subsidiaries, operates 49 hospitals, 126 free-standing outpatient centers and Conifer Health Solutions, which provides business process solutions for health care providers serving more than 600 hospitals and other clients nationwide. More information is available at www.tenethealth.com.
Vanguard Health Systems, based in Nashville, Tenn., owns and operates 28 acute care and specialty hospitals and complementary facilities and services in San Antonio; Harlingen, Texas; Brownsville, Texas; Chicago; Phoenix; Detroit; and Boston. More information is available at www.vanguardhealth.com.
 
lgraham@bizpress.net
 

 

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Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?