Asset Manager Buys Small Stake in Aetna

A newswire is reporting that an investment company has bought 6 percent of Aetna Inc. The investment firm also said it has held talks with other firms about a takeover of the beleaguered health insurance giant.

Memphis-based Southeastern Asset Management Inc. outlined its moves in documents filed this week with the Securities and Exchange Commission, according to an Associated Press report.. It also said it wants to become more involved in Aetna's governance.

Hartford, Conn.-based Aetna's board is looking at ways to boost the company's stock price, which rose $2.87 -- to $57 in trading Thursday on the New York Stock Exchange. That was well below its 52-week high of $99.87.

The company's shares had dropped to $40 a share last month before the resignation of Richard L. Huber, chairman, president and CEO. Aetna also had been hit by unexpectedly high costs in its Aetna U.S. HealthCare managed care unit.

Aetna's board was scheduled to meet Friday and into the weekend, according to the AP. Directors are due to discuss whether to negotiate with WellPoint Health Networks Inc., which last month made a joint takeover bid with the Dutch financial company ING Group NV.

WellPoint said it is looking at Aetna U.S. HealthCare, and ING is interested in Aetna's financial services and international units.