• Thursday, June 1, 2023

Centene, Health Net Shareholders Approve $6.3B Combination


patient care health recordShareholders at healthcare services providers Centene (NYSE: CNC) and Health Net (NYSE: HNT) have separately approved the deal originally announced in July for Centene to purchase Health Net for $6.3 billion in cash and stock.

Eighty-five percent of all outstanding shares in Centene voted in favor of the transaction and 78 percent of outstanding shares in Health Net also approved the deal.

Centene and GovCon Index company Health Net received antitrust clearance from the Justice Department in August and are awaiting approvals from state insurance and healthcare regulators ahead of the deal’s intended closure date in early 2016.

Centene shares have declined 25.4 percent from the deal’s July 2 announcement to Thursday’s close of $55.53, while Health Net’s stock has fallen 14.41 percent to $61.25 in that same period.

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