- Thinly traded Magellan Health (MGLN -6.5%) slips on below-average volume, on modest turnover of 140K share, in apparent response to Dealreporter piece that its sale to private equity shop Centerbridge Partners LP appears to have hit a bump in the road.
- The deal is contingent on Magellan divesting is PBM business. Privately held MedImpact is the leading suitor, but recently lowered its bid. Carlyle Group was previously in the mix but withdrew after offering a price considered, at the time, too low.
- It is unclear if there are any other potential buyers for the unit.
Date: July 29, 2019
Source: Seeking Alpha