Friday, June 13, 1997 | 5:50 a.m.
Local
* TRANSITIONAL HOSPITALS SALE -- Las Vegas-based Transitional Hospitals Corp. said it withdrew from a $565 million agreement to be bought by Medical Corp. in favor of a higher bid from Vencor Inc. Transitional Hospitals in May agreed to be acquired by Pennsylvania-based Select Medical for $14.55 a share, which Vencor topped. Vencor has since boosted its bid to $16 a share, or $639 million. Transitional had the option of terminating the Select Medical agreement with the understanding that Select Medical would have five days to top the Vencor bid. Vencor, with sales of $3 billion, owns and operates a network of hospitals, nursing centers and contract services in 46 states. Transitional, formerly known as Community Psychiatric Centers, operates 16 acute-care hospitals.
Regional
* INDIAN GAMING -- The California Assembly joined the Senate in calling on President Clinton to delay federal action against tribes for operating video gambling machines in reservation casinos. Legislators, on a vote of 54-3, on Thursday approved a resolution by Sen. Richard Polanco, D-Los Angeles, seeking to delay any legal action against the tribes until legislation addressing the issue is enacted and efforts to reach a state-tribal agreement is reached or exhausted. Gov. Pete Wilson and a San Diego tribe currently are trying to negotiate an agreement, called a compact, on games that could be offered in the state. It could become a model for Indian gambling statewide.
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