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March 06, 2003 at 07:00 PM
NU Online News Service, March 6, 2003, 5:23 p.m. EST – Maryland Insurance Commissioner Steven Larsen has denied a request by the CareFirst BlueCross BlueShield unit of CareFirst Inc., Owings Mills, Md., to convert to a for-profit company and submit to an acquisition by WellPoint Health Networks Inc., Thousand Oaks, Calif.
Larsen says the $1.37 billion price that WellPoint has offered is too low.
CareFirst’s board “breached its duty in many ways, in making the initial decision to convert, and it completely failed to recognize the mission of CareFirst as a nonprofit company,” Larsen says in a statement about his decision.
