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Summary Box: Aetna to buy Coventry in $5.7B deal
Monday - 8/20/2012, 2:58pm EDT
(AP) - STITCHED TOGETHER: Health insurer Aetna Inc. said Monday it will buy fellow insurer Coventry Health Care Inc. in a cash-stock acquisition totaling $5.7 billion.
HEALTHY PREMIUM: Aetna will pay $42.08 for each share of Coventry stock. That includes $27.30 in cash and a portion of its stock. The price represents a 20 percent premium on Coventry's Friday closing price of $34.94.
BOOSTER SHOT: The acquisition will help Aetna build its presence in Medicaid, a state-federal program poised for growth under the health care overhaul. It also expands the insurer's presence in the federally backed Medicare program.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)