Business briefs for May 5, 2004

Wednesday, May 5, 2004 | 11:14 a.m.

Motion for new trial denied

NEW YORK -- A federal judge today turned down Martha Stewart's motion for a second trial based on allegations that a juror lied about his arrest record on a questionnaire.

The decision by U.S. District Judge Miriam Goldman Cedarbaum came precisely two months after Stewart and broker Peter Bacanovic were convicted of lying to authorities about Stewart's sale of ImClone Systems stock.

Texas Pacific Group to buy Lake Mead Hospital owner

Texas Pacific Group, a buyout firm founded by David Bonderman, agreed today to buy Iasis Healthcare Corp., parent company of Lake Mead Hospital in North Las Vegas, for about $1.4 billion.

Iasis, based in Franklin, Tenn., operates 15 acute-care hospitals and has annual revenue of about $1.2 billion, Texas Pacific said today in a statement.

"Iasis is an exceptionally well-run hospital company that has experienced consistent, strong growth while delivering high-quality patient care," said Texas Pacific partner Jonathan Coslet in the statement.

PROVIDENCE, R.I.:

Scottish-owned Citizens Financial Group announced Tuesday that it would purchase Charter One Financial, a regional bank based in Cleveland with $41 billion in assets and branches in nine midwestern and northeastern states, for about $10.5 billion in cash. The transaction, which Citizens said would make it one of the 10 largest bank holding companies in the country, is part of a wave of consolidation in the banking industry.