Aetna Shareholders Sue Over $77B Proposed CVS Merger

Aetna Inc. faces a shareholder class action claiming the health insurer undervalued its stock in connection with its proposed $77 billion merger with CVS Health Corp.

Aetna allegedly misled shareholders about the company’s financial projections and its financial adviser’s valuation analyses, according to a suitfiled Jan. 16 in the U.S. District Court for the District of Connecticut. The shareholders said Aetna issued the misleading statements to encourage shareholders to vote in favor of the merger.

Aetna’s existing shareholders will get $145 cash and just under one share of CVS stock for each share of Aetna stock, valuing Aetna at ...