Workweek September 26, 2022
Cano Health is the latest name to get thrown into the acquisition ring. Rumors are swirling around the risk-based care MA clinic operator. Among the potential suitors are at least CVS, which just bought Signify Health for $8B, and Humana, which has a right of first refusal for any sale of Cano over a certain ownership threshold.
Madden’s Musing: Cano spiked 30+% on the acquisition rumors to around a $3.3B enterprise value and I feel like a broken record writing about these takeovers being perfect targets for payors.
- Background: the MA player SPAC’d at a $4.4B valuation in early 2021 amongst the value-based care and ‘Rona trade. Then, in March 2022, activist investor group Third Point bought 6.4% of...
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