Oxford Stockholders Approve Merger With UnitedHealth Group
July 07 2004 - 1:43PM
PR Newswire (US)
Oxford Stockholders Approve Merger With UnitedHealth Group
TRUMBULL, Conn., July 7 /PRNewswire-FirstCall/ -- Oxford Health
Plans (NYSE:OHP) today announced that its stockholders have
approved the adoption of the merger agreement between UnitedHealth
Group and Oxford Health Plans pursuant to which Oxford Health Plans
intends to merge with UnitedHealthcare, a division of UnitedHealth
Group (NYSE:UNH). At the closing of the transaction, Oxford
stockholders will receive 0.6357 shares of UnitedHealth Group stock
and $16.17 in cash for each share of Oxford common stock.
Completion of the merger is subject to receipt of regulatory
approvals and satisfaction of other customary conditions. About the
companies: Founded in 1984, Oxford Health Plans, Inc. provides
health plans to employers and individuals primarily in New York,
New Jersey and Connecticut, through its 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 a
variety of 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/.
UnitedHealth Group is a diversified Fortune 100 company
headquartered in Minneapolis, Minn. 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 approximately 55 million individuals
nationwide. Its Internet address is
http://www.unitedhealthgroup.com/. Cautionary Statement Regarding
Forward-Looking Statements This communication contains certain
forward-looking information about Oxford Health Plans, Inc.
("Oxford"), UnitedHealth Group Incorporated ("UnitedHealth Group")
and the combined company that are intended to be covered by the
safe harbor for "forward-looking statements" provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. Words such
as "expect(s)," "feel(s)," "believe(s)," "will," "may,"
"anticipate(s)" and similar expressions are intended to identify
forward-looking statements. These statements include, but are not
limited to, statements regarding plans, objectives and expectations
with respect to the consummation of the proposed transaction, are
subject to certain risks and uncertainties, many of which are
difficult to predict and generally beyond the control of Oxford and
UnitedHealth Group, that could cause actual results to differ
materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include: those discussed and identified in public
filings with the U.S. Securities and Exchange Commission ("SEC")
made by Oxford and UnitedHealth Group; the regulatory approvals
required for the transaction may not be obtained on the terms
expected or on the anticipated schedule; the parties' ability to
meet expectations regarding the timing, completion and accounting
and tax treatments of the transaction and the value of the
transaction consideration; changes in federal or state regulation
relating to health care and health benefit plans; the state of the
economy; and any future acts or threats of terrorism or war.
Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof.
Neither Oxford nor UnitedHealth Group undertakes any obligation to
republish revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Readers are also urged to carefully review
and consider the various disclosures in the definitive proxy
statement/prospectus contained in the registration statement on
Form S-4 filed by UnitedHealth Group on June 14, 2004. DATASOURCE:
Oxford Health Plans CONTACT: Investors, Gary Frazier,
+1-203-459-7331, or Jon Green, +1-203-459-6674, or Media, Maria
Gordon Shydlo, +1-203-459-7674 Web site:
http://www.oxfordhealth.com/ http://www.unitedhealthgroup.com/
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