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Aetna Expands Medicare Base
Aetna will pay $42.08 a share for Bethesda, Maryland-based Coventry, including $27.30 in cash and 0.3885 Aetna share, the companies said today in a joint statement. That represents a 20 percent premium over Coventry’s closing price of $34.94 on Aug. 17, which gave the company a market value of $4.68 billion. Including debt, the deal is valued at $7.3 billion.
The purchase will increase Aetna’s share of business from government health plans including Medicare and Medicaid to more than 30 percent from 23 percent, the companies said.
Business Week, Aetna to Buy Coventry, Aug, 2012
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