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UnitedHealth About To Complete Mid Atlantic Deal

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NU Online News Service, Feb. 10, 2004, 1:32 p.m. EST – UnitedHealth Services Inc., Minnetonka, Minn., says it now has the approvals it needs to complete its $3 billion acquisition of Mid Atlantic Medical Services Inc.[@@]

UnitedHealth announced plans to acquire the Rockville, Md., health insurer in October 2003.

Regulators have blessed the deal, and Mid Atlantic shareholders voted to approve it earlier today, UnitedHealth says.

“The companies will complete their merger promptly at the close of business today,” UnitedHealth says.

The acquisition agreement calls for Mid Atlantic stockholders to receive $18 in cash and 0.82 of a share of UnitedHealth common stock for each share of Mid Atlantic common stock.

Mid Atlantic provides or administers health coverage for 2 million people.