Loeb reportedly wants Centene to sell itself before it consummates the deal to buy WellCare Health Plans (NYSE: WCG) for $15.3 billion. The deal was announced in March this year, and both the companies are set to have shareholder meetings next month to sort out differences and go forward with the deal.
READ: WHAT YOU NEED TO KNOW BEFORE BUYING VILLAGE FARMS STOCK
Other activist investors including Corvex Management and Sachem Head Capital Management had also earlier put forward similar demands.
However, earlier this month, Centene chief Michael Neidorff
said in a letter that the deal was under regulatory process and they are
planning to go ahead with it.
Shares of health insurers Humana (NYSE: HUM) and UnitedHealth Group (NYSE: UNH) also spiked during intra-day trading on the likelihood of being a potential match to Centene. Shares of WellCare Health, meanwhile, fell into the red zone.