Physicians Group formed to buy Lutheran Health Network dissolves

The takeover attempt appears to be over.

The group of 10 local physicians that has been trying to buy the Lutheran Health Network away from its Tennessee-based owner is disbanding.

Fort Wayne Physicians LLC released a statement to the media Thursday saying they won’t be taking any further actions to find a new corporate partner to help them take majority control away from Community Health Systems.

They’ve also promised to work alongside, and cooperate with, CHS.

“While there have been disagreements on some important issues in recent months, we agree on the importance of respecting the unique perspectives we each bring to Lutheran Health Network,” part of the statement reads. “We are pleased that despite these differences, some positive developments have emerged from recent discussions, including a substantial capital commitment for Lutheran Health Network and wage increases for many of the hardworking employees across the network.”

Several Lutheran Health leaders, including CEO Brian Bauer, either resigned or were fired in the wake of the takeover attempt, which failed late last month.

CHS announced plans to invest $500-million in improvements at Lutheran before the buyout effort. A company spokesman says they will continue with that plan.