The Community Health Systems’ (CHS) board has denied a $2.4 billion offer for the Lutheran Health Network.

10 local doctors formed Fort Wayne Physicians LLC and approached CHS in November about selling the network to a private equity firm or other investors, according to the Journal Gazette.

According to CHS, the doctors have refused to sign a non-disclosure agreement, failed to submit a written offer, and demanded that CHS pay their legal and financial advisor fees. The doctors have also failed to specify how much of the network they wish to buy.

“The physicians have failed to satisfy any reasonable criteria of a legitimate offer,” CHS officials said today in a statement.

CHS officials confirmed Monday their commitment to making $500 million in Lutheran Health Network upgrades during the next five to six years.

In addition to the Lutheran Health Network hospitals in Fort Wayne, CHS also owns and operates hospitals in Knox, LaPorte, Valparaiso, and Warsaw.