A senior products company has won shareholder approval for the acquisition of a pharmacy benefits manager.
Universal American Financial Corp., Rye Brook, N.Y., says more than 99% of the company’s stockholders have voted to issue stock to finance the acquisition of MemberHealth Inc., Cleveland.
In addition to offering ordinary PBM services, MemberHealth runs Medicare Part D prescription drug plans.
In July, securities lawyers filed a suit opposing the acquisition in a state court in Westchester County, N.Y.