TRUMBULL, Conn., July 29 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (Oxford) (NYSE: OHP) announced today that all necessary approvals to
complete its merger with UnitedHealth Group (NYSE: UNH) have been received and
that the merger was completed following the close of business today.
Under the merger agreement, Oxford stockholders will receive $16.17 in
cash and 0.6357 of a share of UnitedHealth Group common stock for each share
of Oxford common stock.
"We look forward to combining the resources of our companies and
leveraging our strengths to advance health and well-being on behalf of
employers, consumers, physicians and hospitals in the tri-state region,"
stated Charles Berg, who will remain chief executive officer of Oxford and
additionally will assume responsibility for all UnitedHealthcare operations
serving the tri-state markets.
About Oxford Health Plans, Inc.
Founded in 1984, Oxford Health Plans, Inc. provides health plans to
employers and individuals primarily in New York, New Jersey and Connecticut,
through its direct sales force, independent insurance agents and brokers.
Oxford's commercial insured products and services include traditional health
maintenance organizations, preferred and exclusive provider organizations,
point-of-service plans and consumer-directed health plans. The Company also
offers Medicare plans and third-party administration of employer-funded
benefits plans. More information about Oxford Health Plans, Inc. is available
at http://www.oxfordhealth.com.
About UnitedHealth Group
UnitedHealth Group (http://www.unitedhealthgroup.com) is a diversified
Fortune 100 company that provides a broad spectrum of resources and services
to help people achieve improved health and well-being through all stages of
life. UnitedHealth Group offers products and services through six operating
businesses: UnitedHealthcare, Ovations, AmeriChoice, Uniprise, Specialized
Care Services and Ingenix. Through its family of businesses, UnitedHealth
Group serves more than 55 million individuals nationwide.
Forward-Looking Statements
This news release may contain statements, estimates or projections that
constitute "forward-looking" statements as defined under U.S. federal
securities laws. Generally the words "believe," "expect," "intend,"
"estimate," "anticipate," "project," "will" and similar expressions identify
forward-looking statements, which generally are not historical in nature. By
their nature, forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from our
historical experience and our present expectations or projections. A list and
description of some of the risks and uncertainties can be found in the
Registration Statement on Form S-4, as amended (Registration Number 333-
115327), filed by UnitedHealth Group with the Securities and Exchange
Commission in connection with the merger. You should not place undue reliance
on forward-looking statements, which speak only as of the date they are made.
Except to the extent otherwise required by federal securities laws, we do not
undertake to publicly update or revise any forward-looking statements.
SOURCE Oxford Health Plans, Inc.
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Related links:
http://www.oxfordhealth.com
http://www.unitedhealthgroup.com
CONTACT:
Investors - Gary Frazier, +1-203-459-7331, or
Jon Green, +1-203-459-6674, Media - Maria Gordon Shydlo,
+1-203-459-7674, all of Oxford Health Plans, Inc.
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