Shareholders approve merger of Aetna, Humana

A mammoth offer from Aetna to buy Humana for $37 billion is set to be approved by shareholders this week, three months after the tentative deal was announced by company executives.

“We’re extremely pleased that the shareholders of both Aetna and Humana have overwhelmingly approved proposals related to our pending Humana acquisition”, Bertolini said in a statement. Humana shareholders were due at a meeting starting at 3:30 p.m. Monday in New York City.

CNBC reports that independent proxy advisers, Institutional Shareholders Service and Glass Lewis, recommended both deals based on potential cost savings, and the belief that the newly-formed companies would be more efficient.

Humana’s stockholders voted Monday afternoon to move forward with the acquisition of Aetna, according to a written statement from Humana.

Humana is Louisville’s most significant corporate headquarters, with more than 12,000 employees in the area.

The combined company would have operating revenue of $115 billion this year while serving more than 33 million members.

Government programs are Humana’s specialty – particularly Medicare Advantage, which is a privately run version of the government’s health care program for seniors.

Aetna said it expects the transaction will be completed in the second half of 2016 pending closing conditions, the expiration of the federal Hart-Scott-Rodino antitrust waiting period, and regulatory approvals.

This story will be updated.