Published on 20th August 2012
Health-care giant Aetna Inc. said Monday it has struck a deal to buy Coventry Health Care Inc. for $5.7 billion in cash and stock, a move that will make Aetna one of the largest providers of government-financed health care. Aetna, based in Hartford, Conn., is paying $42.08 a share for Coventry, which is a 20.4% premium to Coventry's shares as of Friday's close. The mix is 65% cash and 35% stock. The boards of both companies have approved the deal. [The Wall Street Journal]