Thursday, October 14, 2004

Hit #25

First Health Group (FHCC) was today acquired by Coventry Health for around $18.7/share in a part-cash/part-stock transaction. That is around a 25% premium over $14.9/share I paid not too long ago.

I started accumulating FHCC only recently, and hence had only a very small number.

It looks like a cheap sellout to me and I am not sure why FHCC owners sold it at such a low price. Either the execs got a very sweet deal or they were just tired and waiting to sell. Anyway, people who bought at or near the recent 52-week highs ended up losing from this deal.

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