Aetna Offers Statement on Coventry's Approval of Bid
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.