Merger with PacifiCare Health Systems, Inc.
Wednesday, October 11th, 2006MINNEAPOLIS (December 21, 2005) - UnitedHealth Group (NYSE: UNH) announced that it has received all necessary approvals to complete its merger with PacifiCare Health Systems, Inc (PacifiCare) (NYSE: PHS), and that the merger was completed following the close of business yesterday.
Under the merger agreement, PacifiCare stockholders receive $21.50 in cash and 1.10 shares of UnitedHealth Group common stock for each share of PacifiCare common stock.
“We look forward to combining the resources of our companies and leveraging our strengths to advance health and well-being on behalf of seniors, employers, consumers and health care providers in the western United States, as well as nationally,” stated Mr. Howard Phanstiel, chief executive officer of PacifiCare. Mr. Phanstiel, who will assume an additional role as executive vice president for UnitedHealth Group, further noted that the combination of the assets and resources of the respective companies will expand their opportunities and bring new products and services to the diverse market segments and geographic areas the company serves.
Dr. William W. McGuire, chairman and chief executive officer of UnitedHealth Group, said “We appreciate the diligence and effort taken by the various regulatory agencies involved in the review and approval of this merger. All of us recognize the importance of our activities relative to the health and well-being of our society, and take seriously the commitments we have made to help advance access, quality, affordability and simplicity in health care for all the people we serve.”