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NEW YORK – Glenview Capital, a hedge fund that has been subject of a number of media reports that it was pushing CVS Health management to break up the company, denies it is “pushing for a break-up.”
Glenview Capital issued the following statement:
"We appreciate the skill and dedication of everyone at CVS Health and their daily efforts to make health care accessible, affordable and convenient for more than 120 million members and customers. CVS Health is a systemically important healthcare institution whose consistency, quality and acumen has the potential to enhance wellness and health security for one in three Americans. While the company has tremendous assets across medical and pharmacy benefit management, specialty pharmacy, provider services and drug retail, the company is operating well below its potential and has fallen short in its investment and actuarial approach in recent years, creating economic losses and volatility that pressures its people, its customers and its shareholders," said the company in a statement.
"Glenview and CVS Leadership are engaged in good faith and constructive conversations through which Glenview is offering suggestions to enhance the governance, culture, efficiency, sustainability and growth of CVS Health. This dialogue is ongoing but is private and should remain so. Press reports have represented that Glenview is pushing for a break-up of CVS Health – this is false. Our goals are those shared by all stakeholders – to work together to strengthen CVS's culture and operating performance to enhance value for customers, associates and shareholders alike. Together we build," the company added.
