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Article: A.M. Best Places Rating of Cobalt Corporation's Insurance Subsidiaries Under Review.
- Article from:
- Business Wire
- Article date:
- June 4, 2003
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Business Editors
OLDWICK, N.J.--(BUSINESS WIRE)--June 4, 2003
A.M. Best Co. has placed the financial strength rating of B+ (Very Good) of the insurance subsidiaries of Cobalt Corporation (Cobalt) (Milwaukee, WI) (NYSE: CBZ) under review with positive implications.
This follows the announcement that Cobalt and WellPoint Health Networks Inc. (Thousand Oaks, CA) (NYSE: WLP) have signed a definitive merger agreement.
The merger--valued at approximately $906 million or $20.50 per share--is expected to be structured as a combination of cash and common stock. Cobalt shareholders will receive $10.25 in cash and 0.1233 of a share of WellPoint's ...