Aetna Shareholders Approve Proposed Acquisition by CVS Health
Wednesday, March 14, 2018 12:21 AM
HARTFORD, Conn.—At a special meeting of Aetna
(NYSE: AET) shareholders on Tuesday, approximately 97 percent of the votes cast, and more than 77 percent of the 327 million shares outstanding, voted to approve the planned acquisition of the insurer by CVS Health
(NYSE: CVS), according to an Aetna announcement Tuesday morning. Executives of the companies noted in December at the time the deal was officially announced that the proposed of Aetna and CVS will allow the new, combined company to create “an entirely new health care concept,” as VMAIL reported
Under the terms of the acquisition agreement, Aetna shareholders are scheduled to receive $145 in cash and 0.8378 of a CVS Health share for each Aetna share, which was valued at $207.94 in the aggregate based on the closing price of CVS Health stock on Dec. 1, 2017.
Completion of the transaction remains subject to customary closing conditions, including expiration of the federal Hart-Scott-Rodino antitrust waiting period and approvals of certain state departments of insurance and other regulators, according to an Aetna announcement. The companies continue to expect the transaction will be completed in the second half of 2018, the announcement noted.