Foundation Health Merger Clears Hurdle
Foundation Health Corp. said the waiting period for the company’s planned $1.27-billion combination with Woodland Hills-based Health Systems International Inc. expired and that no antitrust concerns were raised by the Federal Trade Commission. The transaction would create the nation’s fourth-largest managed-health-care company, with 5 million members and $8 billion in annual revenue. The companies said the agreement still needs shareholder approval and other regulatory approvals. Shares of Rancho Cordova, Calif.-based Foundation Health rose 87.5 cents to $29.25 and Health Systems shares rose 25 cents to $23.