Stockholders Approve CVS Health's Acquisition of Aetna -- Update

   By Aisha Al-Muslim 
 

CVS Health Corp. (CVS) and Aetna Inc. (AET) stockholders have voted to approve the pharmacy company's acquisition of the health insurer.

More than 98% of the shares voted were in favor of the proposal, according to the preliminary results from a special meeting Tuesday, CVS said. Among Aetna shareholders, about 97% of the votes cast were in favor of the transaction.

The merger is expected to close in the second half of 2018, subject to required regulatory approvals.

In December, CVS Health announced it agreed to buy Aetna for about $69 billion in cash and stock in a move to transform the pharmacy company and capture more of what consumers spend on health care.

Aetna stockholders are to receive more than $207 per share--$145 in cash and 0.8378 of a CVS share, or about $62, in stock, the companies said in December.

"When this merger is complete, the combined company will be well-positioned to reshape the consumer health care experience, putting people at the center of health care delivery to ensure they have access to high-quality, more affordable care where they are, when they need it," CVS Health President and Chief Executive Larry Merlo said in prepared remarks.

Write to Aisha Al-Muslim at [e-mail]

(END) Dow Jones Newswires

March 13, 2018 12:33 ET (16:33 GMT)

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