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Friday, Mar 29, 2024
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Health Net Shareholders Okay Merger

Shareholders of Woodland Hills health insurance provider Health Net Inc. and St. Louis-based Centene Corp. have approved the two companies’ planned merger, which is scheduled to close early next year. Health Net stockholders convened at a special meeting in Woodland Hills last Friday, where 97 percent of them voted to approve the merger. Almost all of Centene’s shareholders – 99 percent of those who cast votes, according to the company – also gave the transaction a thumbs up in a vote last week. After the merger, which will create a global health care operation, Centene shareholders will own 71 percent of the combined company and Health Net shareholders will own 29 percent. Health Net shares closed up $1.79, or 2.8 percent, Tuesday to $65.17 on the Nasdaq.

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