Connecticut Insurance Commissioner Susan F. Cogswell has signed an order approving the acquisition of Oxford Health Plans by UnitedHealthcare Group, Inc.
UnitedHealth Group announced that it completed the merger yesterday immediately after receiving the regulatory approval.
Under the merger agreement, Oxford stockholders will receive $16.17 in cash and 0.6357 of a share of UnitedHealth Group common stock for each share of Oxford common stock.
“We look forward to combining the resources of our companies and leveraging our strengths to advance health and well-being on behalf of employers, consumers, physicians and hospitals in the tri-state region,” stated Charles Berg, who will remain chief executive officer of Oxford and additionally will assume responsibility for all UnitedHealthcare operations serving the tri-state markets.
UnitedHealth Group projects the acquisition will bring 2004 full year earnings per share growth to 30 percent or more.
UnitedHealth Group offers products and services through six operating businesses: UnitedHealthcare, Ovations, AmeriChoice, Uniprise, Specialized Care Services and Ingenix. Through its family of businesses, UnitedHealth Group serves more than 55 million individuals nationwide.
Founded in 1984, Oxford Health Plans, Inc. provides health plans to employers and individuals primarily in New York, New Jersey and Connecticut, through its direct sales force, independent insurance agents and brokers. Oxford’s commercial insured products and services include traditional health maintenance organizations, preferred and exclusive provider organizations, point-of-service plans and consumer-directed health plans. The company also offers Medicare plans and third-party administration of employer-funded benefits plans.
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