UniHealth to Sell Full PacifiCare Stake
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UniHealth Foundation, once the top shareholder of PacifiCare Health Systems Inc., agreed to sell its remaining 3.2% stake to a hedge fund that also is buying stock directly from PacifiCare.
Woodland Hills-based UniHealth said in a regulatory filing that it agreed Nov. 27 to sell all its PacifiCare stock to Acqua Wellington North American Equities Fund Ltd. At the time, the health-care charity held about 2.1 million shares, for a 6% stake in PacifiCare.
The buyer is affiliated with Acqua Wellington Asset Management, a hedge fund manager that agreed to provide Santa Ana-based PacifiCare with as much as $150 million of financing by buying stock from the company.
PacifiCare’s announcement of the stock financing, known as an equity line of credit, knocked its shares down 22% the last two days. Such financings can attract short sellers and cause the stock to fall, critics say. PacifiCare shares fell $2.15 to $14 on Nasdaq.
If the volume-weighted average share price falls below $15.25, Acqua Wellington isn’t obligated to buy the stock, according to the filing.
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