PacifiCare Shareholders Approve Acquisition by UnitedHealth
A proposed acquisition of PacifiCare Health Systems by UnitedHealth Group on Thursday "cleared a major hurdle" after PacifiCare shareholders approved the agreement, the Los Angeles Times reports. More than 99% of the 80% of PacifiCare shareholders who participated voted in favor of the acquisition.
CalPERS, which holds shares of PacifiCare and opposes the proposed payments to executives, voted against the acquisition. PacifiCare would not allow shareholders to vote separately on the proposed payments to executives.
The acquisition requires approval from the Federal Trade Commission and regulators in states in which PacifiCare operates.
Oregon and Arizona regulators have approved the acquisition, but the agreement remains under consideration by regulators in eight other states. PacifiCare officials expect the acquisition to close by early 2006 (Vrana/Lifsher, Los Angeles Times, 11/18).