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PACIFICARE HEALTH SYSTEMS ANNOUNCES POSSIBLE PUBLIC OFFERING

 PACIFICARE HEALTH SYSTEMS ANNOUNCES POSSIBLE PUBLIC OFFERING
 CYPRESS, Calif., April 30 /PRNewswire/ -- PacifiCare Health Systems Inc. (NASDAQ: PHSY) announced today that it currently anticipates conducting a public offering of non-voting class B common stock. The public offering is dependent upon the proposed change in the company's capital structure and subsequent stock dividend described in a preliminary proxy statement filed with the Securities and Exchange Commission.
 In the proxy statement, the company stated that its board of directors has approved an amendment to its certificate of incorporation which, among other things, reclassifies the existing common stock of the company as class A common stock and authorizes a new class of non-voting common stock designated as class B common stock. Upon approval of the amendment by shareholders at a special meeting scheduled for June 4, 1992, the board of directors intends to promptly declare a stock dividend in which shareholders will receive one share of non-voting class B common stock for each share of class A common stock held.
 The company further indicated in the proxy statement that it has selected underwriters and anticipates the offering to be in the range of $50,000,000 to $100,000,000. Proceeds of the offering are expected to be used to retire debt with the remainder being added to working capital. Even after shareholder approval of the change to the company's capital structure and the stock dividend, any such public offering will still be contingent upon, among other things, approval by the company's board of directors and market conditions.
 In addition, UniHealth America, the company's majority shareholder, is likely to participate in the offering as a selling shareholder, selling from $50,000,000 to $100,000,000 of its non-voting class B common stock, subject to market conditions and its own determination.
 Any public offering will be made only by means of a prospectus.
 PacifiCare Health Systems owns and operates HMOs in California, Oklahoma, Oregon, Texas and Washington. The company also operates Secure Horizons, one of the nation's largest and fastest growing Medicare risk programs. Other operations include Columbia General, an insurance subsidiary licensed in 35 states; Pacific Review Services, an independent utilization review and case management company; and LifeLink, a chemical dependency and behavioral health company.
 -0- 4/30/92
 /CONTACT: Wayne Lowell, CFO, 714-952-1121, or David K. Erickson (investors), 714-229-2636, both of PacifiCare Health Systems/
 (PHSY) CO: PacifiCare Health Systems Inc. ST: California IN: HEA INS SU: OFR


DM-JL -- LA011 -- 4733 04/30/92 08:05 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:415
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