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Coventry Health Care bought for $5.7B

Originally published: August 20, 2012 9:09 AM
Updated: August 20, 2012 2:22 PM
By THE ASSOCIATED PRESS

Aetna, an insurance company based in Hartford, Conn.,

Photo credit: AP, 2006 | Aetna, an insurance company based in Hartford, Conn., announced Monday, Aug. 20, 2012, that it would buy Coventry Health Care of Bethesda, Md., for $5.7 billion.

Aetna will buy Coventry Health Care for $5.7 billion as the insurance industry realigns itself to better navigate the massive government health care overhaul.

The Connecticut-based company said Monday that it would 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...

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