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PACIFICARE HEALTH SYSTEMS FILES REGISTRATION STATEMENT FOR PROPOSED PUBLIC OFFERING OF CLASS A COMMON STOCK

 CYPRESS, Calif., Nov. 19 /PRNewswire/ -- PacifiCare Health Systems Inc. (NASDAQ: PHSYA and PHSYB) announced today that it has filed with the Securities and Exchange Commission a registration statement for the proposed underwritten public offering of 500,000 shares of Class A Common Stock by UniHealth America, PacifiCare's largest shareholder. The effect of this offering will be to decrease UniHealth's ownership interest in the Class A Common Stock of PacifiCare to approximately 49 percent and may eventually enable PacifiCare to issue stock in connection with acquisitions using the pooling of interest method of accounting. The company will receive no proceeds from the sale of the shares by UniHealth America.
 The proposed public offering is expected to commence in December. The managing underwriters for the offering are Dean Witter Reynolds Inc. and Dillon, Read & Co. Inc. A copy of the prospectus may be obtained from Dean Witter Reynolds Inc., Prospectus Department, 2 World Trade Center, New York, N.Y., 212-392-2222.
 PacifiCare Health Systems is one of the nation's leading managed care organizations. Primary operations include managed health care products for employer groups and Medicare beneficiaries in California, Oklahoma, Oregon, Texas and Washington serving more than 1 million members. Other specialty managed care operations include Medicare risk management services, pharmacy


benefit management, military health care management, coordination of managed care products for multiregion employers, health and life insurance, behavioral health, workers' compensation, health promotion, and dental and vision services.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 11/19/93
 /CONTACT: David K. Erickson, Investor Relations, 714-229-2636, or Ben Singer, Media Relations, 714-229-2825, both of PacifiCare/
 (PHSYA PHSYB)


CO: PacifiCare Health Systems Inc. ST: California IN: HEA SU: OFR

JB-LM -- LA022 -- 6530 11/19/93 17:14 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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