Universal American Nixes LBO

Universal American Financial Corp. (NYSE: UHCO) said that its board of directors has rejected an $18.15 per share buyout offer from a group that includes CEO Richard Barasch, Capital Z Partners, Lee Equity Partners, Perry Capital and Welsh, Carson, Anderson & Stowe. The deal would have valued UAF at around $1.06 billion. The board said that the offer was too low, but that it would still consider any future proposals from the consortium.