Market Overview

Aetna Offers Statement on Coventry's Approval of Bid

Related AET
5 Companies That Allow People To Work From Home
Bull of the Day: Gilead Sciences (GILD) - Bull of the Day
WellPoint Profit Beats, ObamaCare Spurs Enrollment (Fox Business)
Related CVH
Summary of Jana Partners 13F: Aetna, Expedia and Kinder Morgan All Raised Among Others
Aetna and Other Stocks to Ride Out a Correction

Aetna (NYSE: AET) released the following statement after today's Coventry Health Care, Inc. stockholder vote approving Aetna's proposed acquisition of Coventry:

“We're pleased that Coventry's stockholders have overwhelmingly approved our proposed acquisition,” said Aetna Chairman, CEO and President Mark T. Bertolini. “We continue to believe that Coventry will complement Aetna's strategy to expand our core insurance business, increase our presence in the fast-growing Government sector and expand our relationships with providers in local geographies.”

The transaction is subject to customary closing conditions, including expiration of the federal Hart-Scott-Rodino antitrust waiting period and approvals of state departments of insurance and other regulators. Aetna and Coventry continue to expect that the transaction will be completed in mid-2013.

With the Coventry stockholder vote completed, Aetna may resume repurchases of its common shares, subject to its evaluation of market conditions, capital allocation considerations, legal constraints and other relevant factors.

Posted-In: News M&A

 

Related Articles (AET + CVH)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters