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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of WellCare Health Plans, Inc. (NYSE: WCG) to Centene Corporation (NYSE: CNC). Under the terms of the transaction, WellCare shareholders will receive 3.38 shares of Centene common stock and $120 in cash for each share of WellCare common stock they own; based on the closing price of Centene stock on March 26, 2019, this represents a value of $305.39 per share.
The WellCare merger investigation concerns whether the Board of WellCare breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Centene Corporation is underpaying for WellCare shares, thus unlawfully harming WellCare shareholders.
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