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Avon, Conn.-based (NYSE: MGLN) will acquire in an all-cash transaction that is expecterd to close in thethird quarter, pendingv regulatory approvals. First Health Service s provides pharmacy benefits administration and other services forMedicai programs; a business that Bethesda-based Coventry CVH) said was not a primary Coventry said that the transaction will result in a one-time loss per sharer of approximately $0.55 to The company said the loss would be almost entirel y non-cash, resulting from the original allocationb of goodwill from Coventry’s acquisitioj of in 2005.
Coventry plans to use the proceeds of the transactiomn for a combination of debt reductio n and share repurchases that should neutralizee the earnings per share impact of the deal for the remaindeeof 2009. In its lates t quarter, Coventry reported a 65 percent drop in earningasto $44.2 million, or 30 centzs per diluted share, due to highere sales and administrative costs, and medicalp costs that swelled 31
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