Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Coventry Health Care, Inc. (“Coventry” or the “Company”) (NYSE: CVH) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Aetna Inc. (“Aetna”) (NYSE: AET), in a transaction valued at approximately $7.3 billion, including the assumption of Coventry debt.
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Under the terms of the proposal, public shareholders of Coventry will receive $27.30 per share in cash and 0.3885 Aetna common shares for each share of Coventry they own. Based on Aetna’s closing price on August 17, 2012 of $38.04, the total value would be approximately $42.08 for each share of Coventry owned.
The investigation concerns whether Coventry’s board of directors failed to adequately shop the Company and obtain the best possible value for Coventry’s shareholders before entering into an agreement with Aetna.If you own the common stock of Coventry and purchased your shares before August 20, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/coventry-health-care-inc-cvh. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.