Advertisement

PacifiCare Health Will Buy Back Shares

Share via
Bloomberg News

PacifiCare Health Systems Inc. said its largest investor is selling 750,000 shares back to the company, the biggest U.S. operator of Medicare managed-care plans. UniHealth Foundation, a nonprofit California corporation, will sell the shares under the terms of a May 1999 agreement, Santa Ana-based PacifiCare said in a regulatory filing. UniHealth, which would own about 4.7 million shares, or a 14% stake in the company, exercised its option to sell the stock Nov. 15 for $15.41 a share. PacifiCare said it will use cash on hand to fund the transaction. Shares of PacifiCare closed up 13 cents at $12.19 on Nasdaq.

Advertisement