The head of Universal American Financial Corp. and a group of investors are offering to buy the senior products company for $18.15 per share in cash.
Richard A. Barasch is the chairman and chief executive officer of Universal American, Rye Brook, N.Y., and the Universal American board says the investor team includes Capital Z Partners Ltd., New York; Lee Equity Partners L.L.C., New York; Perry Capital L.L.C., New York; and Welsh, Carson, Anderson & Stowe X L.P., New York.
Universal American sells Medicare supplement insurance and other products to older consumers, and it also operates a senior insurance products administration business.
The price of Universal American shares closed at $16.18 Tuesday.
Bruce Murphy, a Vero Beach, Fla., securities lawyer, and Ademi & O’Reilly L.L.P., Cudahy, Wis., a securities law firm, have been posting messages on Internet message boards offering to represent Universal American shareholders who are unhappy with the price of Barasch’s offer.