WellChoice to be acquired by WellPoint of Indianapolis for $6.5B
Long Island Business News, Sep 27, 2005 by Claude Solnik
WellChoice Inc., the operator of Empire Blue Cross Blue Shield, has agreed to be acquired by WellPoint Inc. for $77.23 a share in a $6.5 billion deal.
The deal was reached after the firms got the go-ahead from the New York Public Asset Fund, a state entity that owns a 62 percent stake in WellChoice. The fund said it would reap about $4.8 billion from the sale, if it closes.
WellChoice (NYSE: WC) shares rose $4.90 or 7 percent in midday trading to $75.50 on the news of the offer; WellPoint (NYSE: WLP) shares slipped 9 cents to $75.
WellChoice has the exclusive right to use the Blue Cross and Blue Shield names in 10 downstate New York counties, including Nassau and Suffolk.
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Indianapolis-based WellPoint operates under the Blue Cross and Blue Shield brand in more than a dozen states including California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, Ohio, Virginia and Wisconsin.
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