A lawsuit filed Tuesday in federal court suggests the CVS-Aetna buyout is hardly giving Aetna shareholders a fair return on their holdings.
According to a Fierce Healthcare report, the suit, which was filed by Aetna shareholder Olivier Miramond, suggests a document filed with the Securities and Exchange Commission has “materially incomplete and misleading information” regarding the transaction with the goal of luring in shareholders.
The lawsuit says a failure of Aetna’s financial adviser to accurately portray the value of the insurer lead to an “unfair and inadequate” sale price put up by CVS which shortchanges shareholders.
CVS is set to pay $207 per share to buy out Aetna, according to the report, which comes out to roughly $69 billion. Factoring in Aetna’s debt, however, balloons that number to about $77 billion.