Hedge funds Corvex Management LP and Sachem Head Capital Management LP have buil...
- Hedge funds Corvex Management LP and Sachem Head Capital Management LP have built stakes in U.S. health insurer Centene Corp and are exploring challenging its planned $17.3 billion acquisition of WellCare Health Plans Inc, people familiar with the matter said on Monday.
The hedge funds are seeking to take advantage of the fact that Centene needs to secure approval from its shareholders for the WellCare deal, according to the sources, who asked not to be identified because the matter is confidential. There is no certainty that the funds will agitate against the deal, the sources added.
Centene’s chief executive officer, Michael Neidorff, 76, recently extended his contract to run Centene for another five years, and in a conference call with analysts said he is in good health and looking forward to continuing to run the business.
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