-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EF67XyCm01hXF4zG/DhhH7sRSq15hSqT89SPQ7Ka7MC26Iyb51Ap60vSGKjZ5kqi QvPwtu2+oJo9QSGeEVEYpw== 0000950103-96-000997.txt : 19960717 0000950103-96-000997.hdr.sgml : 19960717 ACCESSION NUMBER: 0000950103-96-000997 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19960716 SROS: NASD SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AETNA LIFE & CASUALTY CO CENTRAL INDEX KEY: 0000002648 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 060843808 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-05704 FILM NUMBER: 96595480 BUSINESS ADDRESS: STREET 1: 151 FARMINGTON AVE CITY: HARTFORD STATE: CT ZIP: 06156 BUSINESS PHONE: 8602730123 MAIL ADDRESS: STREET 1: 151 FARMINGTON AVE STREET 2: FINANCIAL YF8H CITY PLACE CITY: HARTFORD STATE: CT ZIP: 06156 DEFA14A 1 ADDITIONAL DEFINITIVE PROXY MATERIALS SCHEDULE 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [x] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 AETNA LIFE AND CASUALTY COMPANY AND U.S. HEALTHCARE, INC. (Name of Registrant as Specified In Its Charter) AETNA LIFE AND CASUALTY COMPANY AND U.S. HEALTHCARE, INC. (Name of Person(s) Filing Proxy Statement) Payment of Filing Fee (Check the appropriate box): [ ] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(i)(2). [ ] $500 per each party to the controversy pursuant to Exchange Act Rule 14a-6(i)(3). [X] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: Aetna Life and Casualty Company Common Capital Stock without par value U.S. Healthcare, Inc. Common Stock, par value $0.005 per share U.S. Healthcare, Inc. Class B Stock, par value $0.005 per share (2) Aggregate number of securities to which transaction applies: 115,187,158 shares of Aetna Life and Casualty Company Common Capital Stock 139,512,162 shares of U.S. Healthcare, Inc. Common Stock 14,429,867 shares of U.S. Healthcare, Inc. Class B Stock (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 $71.3125 per share of Aetna Life and Casualty Company Common Capital Stock $51.9375 per share of U.S. Healthcare, Inc. Common Stock and per share of U.S. Healthcare, Inc. Class B Stock (4) Proposed maximum aggregate value of transaction: $16,209,648,336(1) - ------------ (1) For purposes of calculating the filing fee only. Upon consummation of the Mergers, (i) each outstanding share of Aetna Life and Casualty Company Common Capital Stock without par value will be converted into the right to receive one share of Aetna Inc. Common Stock, par value $0.01 per share, together with one right (a "Parent Right") issued pursuant to a Rights Agreement effective as of the date of the consummation of the Mergers, and (ii) each outstanding share of U.S. Healthcare, Inc. Common Stock, par value $0.005 per share, and U.S. Healthcare, Inc. Class B Stock, par value $0.005 per share, will be converted into the right to receive (a) 0.2246 shares of Aetna Inc. Common Stock, par value $0.01 per share, together with 0.2246 Parent Rights, (b) 0.0749 shares of Aetna Inc. 6.25% Class C Voting Preferred Stock, par value $0.01 per share, and (c) $34.20 in cash. The proposed maximum aggregate value of the transactions described in the preliminary proxy materials is equal to $16,209,648,336 (calculated based on the sum of (i)(a) the number of shares of Aetna Life and Casualty Company Common Capital Stock outstanding as of March 31, 1996 times (b) the average of the high and low reported prices of Aetna Life and Casualty Company Common Capital Stock on April 17, 1996, plus (ii)(a) the number of shares of U.S. Healthcare, Inc. Common Stock plus the number of shares of U.S. Healthcare, Inc. Class B Stock outstanding as of March 31, 1996 times (b) the average of the high and low reported prices of U.S. Healthcare, Inc. Common Stock on April 17, 1996. [X] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount Previously Paid: $3,241,929.67 (2) Form, Schedule or Registration Statement No.: Schedule 14A (3) Filing Party: Aetna Life and Casualty Company and U.S. Healthcare, Inc. (4) Date filed: April 22, 1996 AETNA LIFE AND CASUALTY COMPANY LOGO 151 Farmington Avenue Media Contact: Hartford, Conn 06156 Joyce A. Oberdorf (860) 273-7392 Investor Contact: Amin Khalifa (860) 273-6184 News Release ____________________________________________________________ S&P SAYS U.S. HEALTHCARE MERGER MAKES LONG-TERM STRATEGIC SENSE; REAFFIRMS SENIOR DEBT AND COMMERCIAL PAPER RATINGS -- Aetna Disagrees with Other Ratings Actions -- HARTFORD, CT., July 16, 1996 -- Aetna (NYSE:AET) issued the following response to Standard & Poor's ratings action announced earlier today: We are pleased that Standard & Poor's agrees that our merger with U.S. Healthcare, Inc. makes good long-term strategic sense and that it will provide Aetna with an improved competitive position. We concur with S&P's affirmation of Aetna Life and Casualty's senior debt and commercial paper ratings. This merger enhances our long-term earnings outlook and will allow us to generate significant cash flows while retaining a conservative debt to capitalization ratio, well within our historical range. We regret that S&P has downgraded the claims-paying ability of two subsidiaries, Aetna Life Insurance Company (ALIC) and Aetna Life Insurance and Annuity Company (ALIAC), and fundamentally disagree with their assumptions regarding the capital strength of these entities. We believe that ALIC will benefit from the reduction in risk associated with its mortgage loan and real estate portfolio, and an improved outlook for both earnings and capital strength as a result of the merger with U.S. Healthcare. Further, ALIC has demonstrated steady growth in assets and earnings, backed by an excellent capital position. S&P's actions are inconsistent with the statements made to date by other major rating agencies, which all concur with our views. -----END PRIVACY-ENHANCED MESSAGE-----