Magellan Health to explore sale after pressure from prominent hedge fund

After coming under pressure from activist hedge fund Starboard Value, U.S. health plan and pharmacy benefit manager Magellan Health will explore selling itself, according to Reuters.

Magellan is looking for ways to boost its value. Since April 2018, its shares have dropped nearly 40 percent.

In response, the company intends to start a multiyear improvement plan to shore up finances.

People familiar with the plan say Magellan is considering being acquired by other companies.

Starboard has a 9.8 percent stake in the company.

Read the full report here.

 

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