June 12, 2019 / 12:45 PM / 4 months ago

Proxy firm ISS backs Centene's deal for WellCare

June 12 (Reuters) - Institutional Shareholder Services has recommended stockholders to vote in favor of Centene Corporation’s planned acquisition of smaller rival WellCare Health Plans Inc, the health insurers said on Wednesday.

Both companies will hold meetings on June 24 where shareholders are expected to vote on the deal.

Centene in March said it would buy WellCare for $15.27 billion, in a move to bulk up its government-backed Medicare and Medicaid businesses while reducing exposure to Obamacare healthcare exchanges. (Reporting by Tamara Mathias in Bengaluru; Editing by Shinjini Ganguli)

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