On Tuesday, CIGNA Corporation (NYSE:CI)’s shares declined -1.62% to $162.00.
A.M. Best has placed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” of the key life/health auxiliaries, the medical health maintenance organizations (HMO) and dental HMO auxiliaries of Cigna Corporation (collectively referred to as Cigna) (Bloomfield, CT) [CI] under review with developing implications. Conpresently, the ICR of “bbb” of Cigna and its existing debt ratings have been placed under review with developing implications. A.M. Best also has placed the FSRs of A- (Excellent) and the ICRs of “a-” of four Cigna supplemental benefit companies and six Cigna HealthSpring companies under review with developing implications.
The actions follow the recent public declarement by Anthem, Inc. (Anthem) (Indianapolis, IN) [NYSE:ANTM] of its intent to acquire Cigna for $184 a share in cash and stock. Although the price represents noteworthy premium to Cigna’ stock price, Cigna’s board publicly rejected the proposal, claiming that it is not in the best interest of shareholders. However, Anthem reiterated its commitment to the proposal and publicly revealed details of the potential transaction. The transaction is planned to be financed through a combination of cash and new debt with predictable financial leverage reaching around 50% following the deal completion. The acquisition will be subject to regulatory approval in multiple jurisdictions, which could extend until the end of 2016.
Cigna Corporation, a health services organization, provides insurance and related products and services in the United States and internationally. The company’s Commercial segment offers insured and self-insured customers medical, dental, behavioral health, and vision, in addition to prescription drug benefit plans, health advocacy programs, and other products and services. Its Government segment offers Medicare Advantage plans to seniors in 16 states and the District of Columbia, Medicare Part D plans in 50 states and the District of Columbia, and Medicaid plans.
Cerner Corporation (NASDAQ:CERN)’s shares gained 1.22% to $69.06.
IDG’s Computerworld has named Cerner, a global leader in health care technology, a 2015 Best Place to Work in IT. Cerner was ranked No. 29 among large organizations on the list. The list recognizes organizations that provide a challenging and rewarding work environment and offer great associate benefits and compensation. Cerner improved on its No. 37 position in last year’s Computerworld rankings.
Cerner supports the clinical, financial and operational needs of health care organizations. Its technologies connect people, information and systems at more than 18,000 health care facilities in over 30 countries. Cerner offers its associates a wide array of health-related services and amenities, including on-site medical clinics, pharmacies, fitness centers, healthy cafeterias and chiropractic care services.
Cerner Corporation designs, develops, markets, installs, hosts, and supports healthcare information technology, healthcare devices, hardware, and content solutions for healthcare organizations and consumers in the United States and internationally. The company offers Cerner Millennium architecture, which comprises clinical, financial, and administration information systems that allow providers to access an individual’s electronic health record at the point of care, and organizes and delivers information for physicians, nurses, laboratory technicians, pharmacists, front and back-office professionals, and consumers.
At the end of Tuesday’s trade, UBS Group AG (USA) (NYSE:UBS)‘s shares dipped -0.40% to $21.20.
UBS Wealth Administration Americas and Certent declared the launch of their Next Generation Direct Broker Interface (DBI), an improved data transfer process which enables plan administration and transaction solutions for their joint clients. The two firms have been collaborating to serve mutual clients since early 2008.
UBS Equity Plan Advisory Services offers plan administration and transaction solutions to more than 170 companies representing one million-plus participants in over 150 countries. UBS works with Certent to service a noteworthy portion of its partial administration business. The improved DBI delivers a more robust and reliable data interface, counting data transmission for cash-settled restricted stock units and related tax events, allowing greater visibility for participants into their portfolio of holdings. The DBI also supports stock options, restricted stock awards/units, performance awards/units, SARs and ESPPs. Additional enhancements to the DBI comprise support for retirement eligibility processing and more dynamic tax withholding capabilities.
UBS Group AG, together with its auxiliaries, provides wealth administration, retail and corporate, asset administration, and investment banking products and services worldwide. The company’s Wealth Administration division provides financial services to wealthy private clients. This division offers investment administration solutions and wealth planning and corporate finance advisory services, in addition to a range of specific offerings. Its Wealth Administration Americas division provides advice-based solutions and banking services through financial advisors to ultra high net worth and high net worth individuals and families. This division operates domestic United States and Canadian business, in addition to international business booked in the United States.
Liberty Global plc - Class C Ordinary Shares (NASDAQ:LBTYK), ended its Tuesday’s trading session with -1.11% loss, and closed at $50.63.
Liberty Global plc - Class C Ordinary Shares (LBTYK) declared that, following regulatory approval, it has consummated its formerly declared acquisition of 100% of the parent of Puerto Rico Cable Acquisition Company Inc., dba Choice Cable TV (“Choice”), the second largest cable and broadband services provider in Puerto Rico. The combination of Choice’s operations with those of Liberty Cablevision of Puerto Rico LLC (“LCPR”), which is 60% owned by Liberty Global and 40% owned by funds managed by Searchlight Capital Partners, L.P., creates the largest cable operator on the island with over one million homes passed1, serving about 750,000 revenue generating units (“RGUs)1 and generating over $390 million of annual revenue.
As formerly revealed, the purchase price of about $272.5 million before transaction costs and other adjustments represents a multiple of about 6 times our estimate of Choice’s 2015 full-year operating cash flow, as customarily defined by Liberty Global and adjusted for the projected annual impact of synergies following full integration. The transaction was largely funded through incremental debt borrowings of about $267.5 million at the combined Puerto Rican business, and equity contributions from Liberty Global and Searchlight of $10.2 million and $6.8 million, respectively.
Liberty Global plc, together with its auxiliaries, provides video, broadband Internet, fixed-line telephony, and mobile services in Europe, Chile, Puerto Rico, and internationally. The company offers various residential services, counting video services comprising basic and premium programming, which can be viewed on the television and Internet connected devices; electronic programming guide, high definition (HD) channels, digital video recorder (DVR), and HD DVR services; video-on-demand, set-top boxes, pay-per-view programming, and programming in three-dimensional format services, in addition to television applications that allow access to programming on laptops, smartphones, and tablets; and entertainment, sports, movies, documentaries, lifestyles, news, adult, children, and ethnic and foreign channels.
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