NU Online News Service, June 5, 11:51 a.m. – Cobalt Corp., Milwaukee, has completed the sale of 3 million shares of stock from American Medical Security Group Inc., Green Bay, Wis., through a secondary public offering at a price of $18 per share.
The sale raised $51 million and reduced Cobalt’s stake in American Medical to 15% of the outstanding shares, from 39%.
The lead underwriters for the offering were CIBC World Markets Corp., New York; Robert W. Baird & Company, Milwaukee; and Stifel, Nicolaus & Company, St. Louis.
Cobalt, the Blue Cross and Blue Shield company for Wisconsin, once owned American Medical, a company that sells individual, family and small-group major medical coverage throughout the United States.