Coventry Health investors sue over $5.6B Aetna buyout
Aetna Inc.'s $5.6 billion takeover of health insurer Coventry Health Care Inc. shortchanges Coventry investors while unfairly enriching the company’s top executive, investors said in a lawsuit. Aetna, the third-biggest U.S. health plan, agreed last month to pay $42 a share for Coventry, the best performer in New York trading among medical insurers this year. The deal is structured to discourage other bidders and provides $7.6 million in bonuses to Coventry Chief Executive Officer Allen Wise, who didn’t shop around for the highest offer for the insurer, three pension funds said in the suit.
- NFP Hospitals' Revenue Growth at 'All-Time Low'
- CNO Leads $1M Charge for New Scrubs, Uniforms
- Transforming Cancer Care
- Acute Kidney Injury Gets New Focus
- Interventional Radiology No Longer a Sub-Specialty
- Sharp HealthCare Leaves Pioneer ACO Program
- Half of All Primary Care, Internal Medicine Jobs Unfilled in 2013
- mHealth Tackles Readmissions
- Report: Enrollees still face account problems on Healthcare.gov
- Proton Beam Therapy Poised for Growth in US