In a special meeting Tuesday, CVS Health stockholders voted to approve the shares of company stock to be issued in the company's acquisition of Aetna Inc.
According to the preliminary results announced at the meeting, more than 98% of the shares voted were in favor of the proposal. The merger is expected to close in the second half of 2018, subject to required regulatory approvals.
"When this merger is complete, the combined company will be well-positioned to reshape the consumer health care experience, putting people at the center of health care delivery to ensure they have access to high-quality, more affordable care where they are, when they need it," said Larry Merlo, CVS Health president and CEO.
CVS says the merger, once complete, will fill an unmet need in the U.S. health care system and presents a unique opportunity to redefine access to high-quality care in lower cost settings, whether in the community, in the home, or on the go through connected digital health care tools.
"The combination of CVS Health and Aetna brings together two complementary businesses with an expanded set of unique capabilities to create a new community-based open health care model that is easier to use and less expensive for consumers. We look forward to delivering more seamlessly coordinated care that ensures consumers have the essential resources to lead healthier lives for themselves and their families. At the same time, our company will benefit from a stronger market position, with the potential to deliver increased value through the development of innovative new products and services and generate long-term growth opportunities that help produce stronger, more consistent results for shareholders as a uniquely integrated health care company," Merlo concluded.
Retail Leader's March/April issue details how CVS Health’s pending acquisition of Aetna is an example of the type of bold action and long-term thinking required to execute a business model transformation.
CVS Health operates more than 9,800 retail locations and more than 1,100 walk-in medical clinics.