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Managed Care Companies
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EXPRESS SCRIPTS BIDS FOR CAREMARK
Express Scripts (St. Louis) has upped the ante in the emerging battle over who will take control of Caremark Rx (Nashville, TN) by making a hostile takeover bid to acquire the company for $26 billion in cash and stock.
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A.M. BEST UPGRADES CIGNA
A.M. Best (Oldwick, NJ) has upgraded both the financial strength and credit ratings of Cigna Corp. (Philadelphia) and its subsidiaries to “A” from “A-.”
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BCBS-MN SELLS LONG-TERM CARE BUSINESS
As part of an overall effort to focus on its health plans operations, Blue Cross Blue Shield of Minnesota (Eagan, MN) announced the sale of 4500 long-term care insurance contracts to MedAmerica Insurance Co. (Emeryville, CA).
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CIGNA TO ACQUIRE MID-SOUTH ASO GROUP
Cigna (Philadelphia) announced a definitive agreement to acquire Mid-South Administrative Group, LLC (Memphis, TN), an administrative services only company serving about 28,000 members.
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MAXIMUS WINS RENEWAL OF $73.3 MM NY MEDICAID PACT
Maximus (Reston, VA) has won a two-year renewal of a $73.3 million contract to provide Medicaid managed care services to more than 2.1 million members in New York City and Nassau and Suffolk counties.
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UNITEDHEALTH TO TAKE $1.5-1.7 BB NON-CASH CHARGE
UnitedHealth Group (Minneapolis, MN) said it would take a non-cash, pretax charge of $1.5 billion to $1.7 billion associated with the stock options scandal that cost top executive William McGuire, M.D., his job (MHMR, Oct. 31).
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