Salem Radio Network News Tuesday, September 27, 2022

Business

Humana, CVS among firms looking to buy Cano Health – reports

(Reuters) – Humana and CVS Health are among the several companies looking to buy senior-care facility operator Cano Health, according to media reports on Thursday, sending Cano’s shares up about 50%.

The talks are serious and a deal to purchase Cano could be struck in the next several weeks, the Wall Street Journal said on Thursday citing people familiar with the matter.

Healthcare companies have been expanding beyond managing health and pharmacy benefits with acquisitions of doctors groups and surgical centers in recent years.

Cano operates primary-care centers in several U.S. states including California, Florida, Nevada, New Mexico, Texas, Illinois, and New York.

Hedge fund Third Point LLC, which owns 6.4% of Cano, has been pushing the Miami-based company to put itself up for sale as its stock price has tumbled since it went public with a blank check company. (https://reut.rs/3ffLswk)

Cano is exploring several options including a sale and is working with its financial advisors, according to a Bloomberg report which also cited people familiar with the situation. (https://bit.ly/3xOAe8D)

Cano did not immediately respond to Reuters requests for comment, while Humana and CVS said they do not comment on rumors or speculation.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Shailesh Kuber)

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