January 2, 2019
Since the announcement of St. Dominic’s sponsorship transition to the Franciscan Missionaries of Our Lady Sisters was made at the end of September, both systems have worked collaboratively to exchange necessary information in order to reach a definitive agreement. This information exchange process, known as “due diligence”, is going well but has taken longer than anticipated because of the large volume of information being shared.
The original time frame for the completion of a final agreement was expected to be at the end of 2018, with the closing expected to be during the first quarter of 2019. Since the due diligence process is taking longer than expected, timelines are being revised and the new target date for completion of a definitive agreement is March 1, 2019 and the anticipated closing date is now July 1, 2019.
The process is proceeding smoothly and both organizations are working in a collaborative spirit to ensure the legacy and mission of St. Dominic’s is strong for generations to come. Additional details will be shared as they become available.