In the eyes of Corvex Management and Sachem Head Capital Management, Centene could do more to discover if another company may be interested in acquiring it, according to the sources. One possibility is Humana.
The Centene-WellCare deal requires shareholder approval to move forward, and the hedge funds may take advantage of that fact if they decide to oppose the merger, the sources told Reuters.
In a statement to Reuters, Centene spokesperson Marcela Hawn said, "We remain as committed to our combination with WellCare today as we did when we announced it on March 27."
The American Hospital Association recently called on the Department of Justice's Antitrust Division to investigate the deal.
More articles on payers:
Judge steps down from UnitedHealth case over 'immoral' denial of cancer treatment
House Democrats unveil Medicare expansion plan: 8 things to know
Humana posts $566M profit in Q1