Health Net Cancels Previously Scheduled Conference Call and Webcast
July 29 2015 - 4:15PM
Business Wire
Health Net, Inc. (NYSE:HNT) today announced that, as a result of
the July 2, 2015, announcement that Health Net and Centene
Corporation approved a definitive agreement under which Centene
will acquire all of the shares of Health Net in a cash and stock
transaction valued at approximately $6.8 billion, including
the assumption of approximately $500 million of debt, Health
Net is cancelling its previously scheduled second quarter 2015
earnings conference call and webcast. The call was previously
scheduled for August 4, 2015, at 12:00 noon Eastern
time.
Health Net intends to issue a press release reporting the
company’s financial results for the second quarter of 2015, as
planned, before the market opens on Tuesday, August 4,
2015.
The company expects to file its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2015 with the Securities and
Exchange Commission on or about August 5, 2015.
About Health Net
Health Net, Inc. is a publicly traded managed care organization
that delivers managed health care services through health plans and
government-sponsored managed care plans. Its mission is to help
people be healthy, secure and comfortable. Health Net provides and
administers health benefits to approximately 6.0 million
individuals across the country through group, individual, Medicare
(including the Medicare prescription drug benefit commonly referred
to as “Part D”), Medicaid, dual eligible, U.S. Department of
Defense, including TRICARE, and U.S. Department of Veterans Affairs
programs. Health Net also offers behavioral health, substance abuse
and employee assistance programs, and managed health care products
related to prescription drugs.
For more information on Health Net, Inc., please visit Health
Net’s website at www.healthnet.com.
Cautionary Statements
The company and its representatives may from time to time make
written and oral forward-looking statements within the meaning of
the Private Securities Litigation Reform Act (“PSLRA”) of 1995,
including statements in this and other press releases, in
presentations, filings with the Securities and Exchange Commission
(“SEC”), reports to stockholders and in meetings with investors and
analysts. All statements in this press release, other than
statements of historical information provided herein, may be deemed
to be forward-looking statements and as such are intended to be
covered by the safe harbor for “forward-looking statements”
provided by PSLRA. These statements are based on management’s
analysis, judgment, belief and expectation only as of the date
hereof, and are subject to changes in circumstances and a number of
risks and uncertainties. Without limiting the foregoing, statements
including the words “believes,” “anticipates,” “plans,” “expects,”
“may,” “should,” “could,” “estimate,” “intend,” “feels,” “will,”
“projects” and other similar expressions are intended to identify
forward-looking statements. Actual results could differ materially
from those expressed in, or implied or projected by the
forward-looking information and statements due to a number of
factors, variables or events. Certain of these factors relate to
the company’s proposed business combination with Centene
Corporation (“Centene”), including, among other things, the
expected closing date of the transaction; the possibility that the
expected synergies and value creation from the proposed merger will
not be realized, or will not be realized within the expected time
period; the risk that the businesses will not be integrated
successfully; disruption from the merger making it more difficult
to maintain business and operational relationships; the risk that
unexpected costs will be incurred; the possibility that the merger
does not close, including, but not limited to, due to the failure
to satisfy the closing conditions, including the receipt of
approval of both Centene’s stockholders and Health Net’s
stockholders; and the risk that financing for the transaction may
not be available on favorable terms. Other factors include health
care reform and other increased government participation in and
taxation or regulation of health benefits and managed care
operations, including but not limited to the implementation of, and
subsequent modifications to, the Patient Protection and Affordable
Care Act and the Health Care and Education Reconciliation Act of
2010 and the regulations promulgated thereunder (collectively, the
“ACA”) as well as any related fees, assessments and taxes; the
company’s ability to successfully participate in California’s
Coordinated Care Initiative, which is subject to a number of risks
inherent in untested health care initiatives and requires the
company to adequately predict the costs of providing benefits to
individuals that are generally among the most chronically ill
within each of Medicare and Medi-Cal and implement delivery systems
for benefits with which the company has limited operating
experience; the company’s ability to successfully participate in
the federal and state health insurance exchanges under the ACA,
which involve uncertainties related to the mix and volume of
business that could negatively impact the adequacy of the company’s
premium rates and may not be sufficiently offset by the risk
apportionment provisions of the ACA; increasing health care costs,
including but not limited to costs associated with the introduction
of new treatments or therapies; the company’s ability to reduce
administrative expenses while maintaining targeted levels of
service and operating performance; the recompetition of the
company’s T-3 contract for the TRICARE North region; negative prior
period claims reserve developments; rate cuts and other risks and
uncertainties affecting the company’s Medicare or Medicaid
businesses; trends in medical care ratios; membership declines or
negative changes in the company’s health care product mix;
unexpected utilization patterns or unexpectedly severe or
widespread illnesses; failure to effectively oversee the company’s
third-party vendors; noncompliance by the company or the company’s
business associates with any privacy laws or any security breach
involving the misappropriation, loss or other unauthorized use or
disclosure of confidential information; the timing of collections
on amounts receivable from state and federal governments and
agencies; litigation costs; regulatory issues with federal and
state agencies including, but not limited to, the California
Department of Managed Health Care and Department of Health Care
Services, the Arizona Health Care Cost Containment System, the
Centers for Medicare & Medicaid Services, the Office of
Civil Rights of the U.S. Department of Health and Human Services
and state departments of insurance; operational issues; changes in
political, economic or market conditions; investment portfolio
impairment charges; volatility in the financial markets; and
general business and market conditions. Additional factors that
could cause actual results to differ materially from those
reflected in the forward-looking statements include, but are not
limited to, the risks discussed in the “Risk Factors” section
included within the company’s most recent Annual Report on Form
10-K and subsequent Quarterly Report on Form 10-Q filed with the
SEC and the other risks discussed in the company’s filings with the
SEC. Readers are cautioned not to place undue reliance on these
forward-looking statements. Except as may be required by law, the
company undertakes no obligation to address or publicly update any
of its forward-looking statements to reflect events or
circumstances that arise after the date of this release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150729006727/en/
Health Net, Inc.Investor Contact:Peter O’Neill, (818)
676-8692peter.oneill@healthnet.comorMedia Contact:Brad
Kieffer, (818) 676-6833brad.kieffer@healthnet.com
Health Net (NYSE:HNT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Health Net (NYSE:HNT)
Historical Stock Chart
From Apr 2023 to Apr 2024