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Athia Hardt, 602-861-6800 or 602-370-7966 5/24/07

Schaller Anderson, Incorporated to be acquired by Aetna;
Phoenix leadership, employees, location to remain

PHOENIX, AZ. (May 24, 2007) ñ Schaller Anderson, Incorporated announced
today that it has agreed to be acquired by Aetna, one of the nationís leading diversified
public health care benefits companies.

The agreement will align the Phoenix company with one of the largest and best-
known companies in the nation. The transaction will not result in any disruption in
continuity of care. Both Schaller Anderson and Aetna serve a variety of government,
health systems and other self-funded employers.

Joe Anderson, chairman and chief executive officer of Schaller Anderson, said the
transaction will allow Schaller Anderson to enter new markets while providing enhanced
services to those it serves now, leveraging Aetnaís national centers of excellence,
advanced Web tools and other special programs to benefit clients, members and

We are very excited about the opportunity to strengthen both companiesí
commitments to our clients,î Anderson said.

Noting Schaller Andersonís commitments to Medicaid, Medicare, Special Needs
Plans and other government programs, Ronald Williams, chairman and chief executive
officer of Aetna, said that Aetna intends to make Phoenix the base for the combined
Medicaid businesses and praised ìthe high quality of your team as well as the strength of
the Schaller Anderson brand.î

He noted that Schaller Anderson employees are expected to be retained and the
Schaller Anderson management team will ìserve as the foundation for growing Aetnaís
Medicaid business.î The company also will serve ìas a cornerstone for expanding
opportunities in existing markets and participating in many new and innovative
governmental programs,î Williams said.

ìInc.î magazine consistently has named Schaller Anderson one of the top 100
fastest-growing inner city companies in America as well as one of the 500 fastest-
growing companies in America.

Schaller Anderson administers physical and behavioral health care for Medicaid,
Medicare, commercial and employer self-funded plans in eight states ñ Arizona,
California, Delaware, Maine, Maryland, Missouri, New Hampshire, and Texas ñ and has
a management/consulting contract with the state Medicaid program in Tennessee. Its
affiliates manage over $3 billion in health care benefits and have more than 1,800

Headquartered in Hartford, Conn., Aetna has more than 30,000 employees and
provides health care coverage in all 50 states to 15.7 million people through a network
more than 774,000 providers. It has a 150-year heritage and is a leader in cooperating
with physicians and hospitals, employers, patients, public officials and others to build a
stronger, more effective health care system.

Under the terms of the stock purchase agreement, Aetna will acquire all
outstanding equity of Schaller Anderson for approximately $535 million subject to
various adjustments. The closing of the transaction is subject to satisfaction of
closing conditions including regulatory approvals.

Aetna is a great fit in terms of its mission, its strategic goals and its commitment
to care management principles,î added Anderson, noting that Aetna has won awards
the Disease Management Association of America, from ìFortuneî magazine as a ìMost
Admired Health Care Companyî and from a number of organizations recognizing its
excellence in employee diversity.

information in this press release is forward looking, including but not limited to, the
projected continuity of care and the future growth and benefits projected to be realized
from this transaction. Forward-looking information is based on management's
assumptions and projections, and is subject to significant uncertainties and other
many of which are beyond Aetna's and Schaller Anderson's control. Important risk
factors could cause actual future results and other future events to differ materially
those currently estimated by management. Those risk factors include, but are not
to: the ability to successfully develop and integrate the business operations described
herein in a timely and cost-efficient manner (including obtaining the required regulatory
approvals on a timely basis to close the transaction and operate the business); the
to realize projected revenue and cost and expense synergies, the ability to retain
membership of Schaller Anderson and grow its membership in the future; retention of
key personnel of Schaller Anderson; failure of medical management companies to
improve health care outcomes; and adverse government regulation or review.

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