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Medical Properties Trust (NYSE:MPW) fell 6% amid reports that UnitedHealth’s (UNH) Optum has dropped a bid for Steward Health’s physician group.
Optum isn’t going forward with an offer to purchase Steward’s physician group, according to reports from the Boston Globe. ModernHealthcare and the Boston Business Journal on late Thursday and Friday.
A spokesman for the Massachusetts Health Policy Commission told the publication that Optum is no longer working to finalize an agreement for the physician group.
Steward Health Care in late March struck a deal to offload its physician network to UnitedHealth’s (UNH) Optum Care arm. The deal was expected to help indebted Steward to resolve its immediate financial issues and allow it to repay all outstanding obligations to Medical Properties Trust (MPW).
Optum and Steward didn’t immediately return requests for comment from ModernHealthcare.
Last month, Steward Health Care System, Medical Properties Trust’s largest tenant, filed for Chapter 11 bankruptcy.
Medical Properties (MPW) short interest is 35%.