Business Services Industry

Two Suitors Now Bidding for Parent of Blue Cross.(Knight Ridder/Tribune Business News)

Knight Ridder/Tribune Business News, November, 2000 by Miller, Andy

Nov. 28--Shares of the two suitors for Blue Cross and Blue Shield of Georgia dropped Monday after disclosure of their bidding war for Georgia's largest health insurer.

WellPoint Health Networks is expected today to submit a formal offer for Blue Cross' parent company of at least $680 million in cash. That's $180 million more than its original 1998 offer, which was trumped suddenly by an unsolicited cash bid of $675 million by Trigon Healthcare, a Blue Cross plan based in Richmond, Va.

The board of Cerulean, Blue Cross of Georgia's parent firm, will likely meet this week --- perhaps as early as today --- to consider the two bids.

"Cerulean's board may consider all relevant factors, not simply price, consistent with its fiduciary responsibility...

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