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Article: Centene Corporation to Acquire University Health Plan of New Jersey - Joint Venture Adds 50,000 Medicaid Lives -.
- Article from:
- Business Wire
- Article date:
- August 5, 2002
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Business Editors
ST. LOUIS--(BUSINESS WIRE)--Aug. 5, 2002
Centene Corporation (Nasdaq: CNTE) and the University of Medicine and Dentistry of New Jersey (UMDNJ) today announced that Centene has agreed to acquire UMDNJ's University Health Plan (UHP), a managed health plan serving approximately 50,000 Medicaid members in 15 counties throughout New Jersey. Under the terms of the definitive agreement for the acquisition, Centene will purchase 80% of the outstanding capital stock of UHP for cash, with UMDNJ continuing to own 20% of UHP's equity.
Michael F. Neidorff, President and Chief Executive Officer of Centene, said, "We are pleased to be ...