Centene Corp rises on deal with activist investment firm Politan
14/12/2021 14:17
** Shares of health insurer CNC.N up ~2% at $79.60
premarket
** CNC reaches a deal with activist investment firm Politan
Capital Management, under which five new directors to join co's
board and CEO Michael Neidorff to retire next year urn:newsml:reuters.com:*:nL1N2SZ0XA
** Six current board members to leave; two of the incoming
directors have been proposed by Politan
** Neidorff will become executive chairman but will not keep
that position beyond 2022.
** James Dallas, formerly with Medtronic MDT.N , to become
board's independent chairman next year
** New board will scout for a new CEO
** Politan owns a roughly $900 mln stake in CNC
** Up to Monday's close, stock had risen 30.18% YTD
(Reporting by Oishee Majumdar in Bengaluru)
((oishee.majumdar@thomsonreuters.com;))