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September 22, 2003 at 08:00 PM
NU Online News Service, Sept. 23, 2003, 3:50 p.m. EDT – Shareholders of Cobalt Corporation, Milwaukee, have approved the company’s proposed merger with WellPoint Health Networks Inc., Thousand Oaks, Calif., Cobalt announced today.
Wisconsin officials yesterday approved the deal, in which WellPoint will acquire Cobalt for $906 million. The companies announced the deal in June 2003.
The Blue Cross Blue Shield Association, Chicago, also has approved the merger, the companies say.
Cobalt said more than 99% of shares were cast in favor of the merger at a special stockholder meeting today. Wisconsin United for Health Foundation Inc. holds about 60% of the shares.
