Jeffrey Smith, Starboard Value
David Grogan | CNBC
U.S. healthcare plan and pharmacy benefits manager Magellan Health will explore selling itself after coming under pressure to do so from activist hedge fund Starboard Value LP, people familiar with the matter said on Wednesday.
Magellan, advised by investment bank Goldman Sachs, is in the early stages of considering acquisition interest expressed in the company, the sources said, cautioning there is no certainty a deal will materialize.
The sources asked not to be identified because the matter is confidential. Magellan and Goldman Sachs did not immediately respond to requests for comment.