Universal American Financial rejects management-led buyout bid of $18.15 per share

By Lisa Kerner

Charlotte, N.C., March 5 - Universal American Financial Corp. said the special committee of its board of directors rejected the management-led proposal to acquire all outstanding shares of the company's common stock at $18.15 per share.

The committee found the proposal to be in inadequate and not in the best interests of Universal American Financial and its stockholders, according to a company news release.

However, the bid remains in place and the special committee will consider additional proposals from the group.

Citigroup Global Markets Inc. and Willkie Farr & Gallagher LLP served as advisers to the special committee.

Universal American Financial is a specialty health and life insurance holding company located in Rye Brook, N.Y.

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