Southeastern Asset Buys Stake in Aetna

Southeastern Asset Management Inc., a Memphis, Tenn.-based money management company, bought a 6% stake in Aetna Inc., the nation’s largest health insurer, which received a $10-billion takeover bid two weeks ago, according to a filing with the Securities and Exchange Commission. Southeastern Asset said it spent $444 million to buy 8.4 million Aetna shares, the bulk of the purchases coming between Jan. 6 and March 2, for an average price of $52.46 each. Aetna, under increasing pressure from shareholders over its weak performance, has said it is considering the $70-a-share takeover bid from Thousand Oaks-based WellPoint Health Networks Inc. and Dutch bank insurer ING Groep. Sources familiar with the matter said Aetna’s board will meet Friday to discuss the offer. In a move to put pressure on Aetna to clarify its position on the bid, Southeastern Asset told the SEC that it has held talks with unidentified third parties on Aetna’s future. Representatives of Southeastern could not be reached for comment, and a spokesman for Aetna declined to comment on the matter. Aetna shares rose $2.94, nearly 6%, to close at $54.13 on the NYSE.