PacificSource Health Plans will acquire Clear One Health Plans, the two companies announced
Clear One provides life, disability, dental, vision, and voluntary benefits programs and employee benefit services to self-funded employers, associations, Taft-Hartley Trusts, and Chamber of Commerce plans.
Clear One also offers medical insurance -- including Medicare Advantage plans, commercial plans, individual plans, and administrative services -- to individuals and businesses throughout the West.
PacificSource provides medical and dental benefits, self-funded employee benefit plans, flexible spending accounts, HRAs, and COBRA administration services.
Under the terms of the merger agreement, Clear One's shareholders will receive $26/share in cash upon successful close of the transaction. The price represents a premium of 167% to the closing price on Dec. 29, 2009, of $9.75, according to a PacificSource press release.
The transaction has a total equity value of approximately $46 million. Following the close, Clear One will become a wholly owned subsidiary of PacificSource Health Plans.
