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Gadfly Firm Attacks Aetna

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NU Online News Service, April 11, 7:22 p.m. – Providence Capital Inc., New York, a small investment bank that specializes in attacking what it calls ineffective corporate boards, says it has submitted a director nominee for the board of Aetna Inc., Hartford.

Providence is inviting institutional investors, shareholders and Aetna directors and executives to attend a meeting about the nomination at 11 a.m. April 17 in New York.

Providence says it is seeking a seat on Aetna’s board in part because of the “poison pill” defenses that protect the company from hostile takeovers, and in part because it believes Aetna has done poorly and overpaid its executives.

More information about the meeting is available from [email protected]