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First Health Receives Clearance from
Department of Justice to Acquire CCN
Contact:
Edward L. Wristen, President and COO
or
Joseph E. Whitters, CFO
First Health
630-737-7511
FOR IMMEDIATE RELEASE
DOWNERS GROVE, IL –August 10, 2001 - First Health Group
Corp. (NASDAQ: FHCC), today announced that the U.S. Department
of Justice has withdrawn its second request for information,
which terminates the regulatory review process and allows
First Health to proceed with its proposed acquisition of CCN
Managed Care.
It is currently anticipated that the acquisition will close
on August 16, 2001. As previously announced, First Health
entered into a definitive agreement to acquire CCN, a national
group health, workers’ compensation and auto managed care
company based in San Diego, California from HCA (NYSE: HCA).
The transaction, valued at $195 million, is to be paid in
cash.
CCN is a non-risk managed care company offering workers’
compensation, group health and auto injury management programs
that reduce total claims costs – medical, indemnity and legal
– while improving health care outcomes. Approximately
32 million people in 50 states and the District of Columbia
benefit from CCN programs and services. CCN manages
more than $6 billion in health care costs annually.
CCN can be found on the internet at www.ccnusa.com.
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