Shamrock Capital ups stake in Magellan Health Services

By Lisa Kerner

Charlotte, N.C., March 14 - Shamrock Capital Advisors, Inc. bought 309,548 additional shares of Magellan Health Services, Inc. between Feb. 8 and March 13 for a total of $12.83 million, or an average of $41.46 per share.

The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

Shamrock beneficially owns some 2.13 million shares, or 5.29%, of the Farmington, Conn.-based provider of behavioral health care treatment services.

In October, Shamrock urged Magellan's board to declare a $12.00-per-share special dividend based on the company's forecast projecting $12 million of debt and approximately $315 million of unrestricted cash at year end, a prior filing stated. At that time, Shamrock owned 4.6% of the company's outstanding stock.

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