PacifiCare Health Will Buy Back Shares

PacifiCare Health Systems Inc. said its largest investor is selling 750,000 shares back to the company, the biggest U.S. operator of Medicare managed-care plans. UniHealth Foundation, a nonprofit California corporation, will sell the shares under the terms of a May 1999 agreement, Santa Ana-based PacifiCare said in a regulatory filing. UniHealth, which would own about 4.7 million shares, or a 14% stake in the company, exercised its option to sell the stock Nov. 15 for $15.41 a share. PacifiCare said it will use cash on hand to fund the transaction. Shares of PacifiCare closed up 13 cents at $12.19 on Nasdaq.