Health Net, Centene merger approved by stockholders

Stockholders in both Los Angeles-based Health Net and St. Louis-based Centene voted to approve the proposed merger between the two organizations.

Of the 62,065,550 shareholders voting at the Health Net meeting, over 97 percent voted in favor of the merger proposal.

Approximately 99 percent of the shareholders at the Centene meeting voted in favor of the proposal.

Under the merger agreement, Centene will acquire all Health Net's shares in a cash and stock transaction. Once completed, Centene stockholders will own 71 percent of the combined company and Health Net stockholders will own 29 percent.

The merger is expected to close in early 2016.

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