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March 05, 2007 at 04:35 AM
A board committee at Universal American Financial Corp. has decided against approving an offer for the company from an investor team led by company Chairman Richard Barasch.
The offer, for $18.15 per share in cash, is “inadequate and not in the best interests of the company and its stockholders,” the board committee says.
The committee “reached its conclusion after careful consideration, including a thorough review of Universal American’s business and prospects with its independent financial advisor, Citigroup Global Markets, and its independent legal advisor, Willkie Farr & Gallagher L.L.P.,” according to the Universal American board.
The board committee is open to considering any other proposals that the Barasch group might present, the board says.
