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Coventry stockholders approve acquisition by Atena

Maryland-based Coventry Health Care has announced receipt of approval from its stockholders for the proposed acquisition by Connecticut-based Aetna.

Aetna had inked an acquisition agreement with Coventry in August 2012.

The company is now eligible to resume repurchases of its common shares, subject to its evaluation of market conditions, capital allocation considerations, legal constraints and other relevant factors.

Aetna chairman, CEO and president Mark Bertolini said, ”We continue to believe that Coventry will complement Aetna’s strategy to expand our core insurance business, increase our presence in the fast-growing Government sector and expand our relationships with providers in local geographies.”

Expected to complete in the middle of 2013, the transaction is subject to customary closing conditions, including expiration of the federal Hart-Scott-Rodino antitrust waiting period and approvals of state departments of insurance and other regulators.