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Aetna Inc. has announced that its shareholders will meet on Oct. 19 to vote on the company's proposed merger with rival health insurer Humana Inc.
Aetna will ask its shareholders to approve the issuance of up to 127 million of its common shares in order to complete the $54 billion acquisition of Humana announced in July, according to documents filed Friday with the U.S. Securities and Exchange Commission.
Current Humana shareholders — who are also scheduled to vote on the merger on Oct. 19 — will receive 0.8375 of an Aetna common share and $125 in cash for each share of Humana that they own.
Aetna said in its SEC filings that the proposed merger with Humana has been reviewed by independent financial advisors hired by both companies and determined that the terms of the deal were financially fair to shareholders.
As part of the merger proposal, Aetna and Humana have agreed to respective termination fees of $1.69 billion and $1.31 billion if the deal is not completed.
Health insurer Aetna Inc. said it will give federal antitrust regulators an additional month to review its proposed acquisition of rival insurer Humana Inc.