Coventry Investor Looks To Derail $7B Aetna Buyout

Law360, Wilmington (September 17, 2012, 6:13 PM EDT) -- A Coventry Health Care Inc. investor launched a putative class action Friday in Delaware court that aimed to stop Aetna Inc.'s $7.3 billion buyout of the managed health care company, claiming the board-approved deal provided a poor return for shareholders.

Filed by shareholder David Nashelsky, the complaint alleges Coventry's 10 directors, including Chairman and CEO Allen F. Wise, breached their fiduciary duty by approving a merger agreement that undervalues the company, fails to properly reward shareholders and includes provisions that limit the likelihood a better offer...
To view the full article, register now.