UNH Clinches Amil Tag-Along

UnitedHealth has completed a tag-along offer for Amil shares, that takes it to 99.18% ownership of the Brazilian health care provider, enough to force a delisting of Amil as planned. The American is spending BRL2.88bn ($1.43bn) to acquire an additional 90.5m shares, or 24.68%, at BRL31.80 per share, representing the BRL30.75 price it agreed to pay Amil’s controllers in October plus a Selic correction. UnitedHealth agreed to pay $4.9bn last year for 60% of Amil, a deal seen as coming at more than 25x price/earnings at the time.