Magellan Health investor Shamrock buys more shares for 4.8% ownership

By Lisa Kerner

Charlotte, N.C., July 6 - Shamrock Capital Advisors, Inc. affiliates bought a net 400,000 shares of Magellan Health Services, Inc. for a total of $12.04 million between May 15 and July 1, according to a schedule 13D/A filed on Monday with the Securities and Exchange Commission.

In May, Shamrock said it would vote "withhold" on all of the company's directors standing for election this year because of corporate governance weaknesses.

Shamrock owns 1,695,686 shares, or 4.8%, of the Farmington, Conn., behavioral health-care treatment services provider.

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