Oxford Health Plans'
shareholders approved the New York metro area health insurer's pending acquisition by
The companies agreed in April to a deal in which Minneapolis-based UnitedHealth will issue some $4.8 billion in cash and stock to acquire Oxford. The pact came just days after another New York-area HMO,
, called off talks to acquire Oxford, saying the price was too steep.
Oxford stockholders will get 0.6357 UnitedHealth share and $16.17 in cash for each Oxford common share. Completion of the merger is subject to receipt of regulatory approvals and satisfaction of other customary conditions, Oxford said.
On Wednesday, Oxford rose 68 cents to $53.98, while UnitedHealth advanced 87 cents to $60.95.