Cobalt Investors OK Merger With WellPoint
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Shareholders of a Wisconsin-based health insurance company voted to approve a merger with WellPoint Health Networks Inc. of Thousand Oaks, clearing the way for the deal to be completed.
WellPoint is paying $906 million in cash and stock for Cobalt Corp., which has 800,000 members in the Midwest. The deal is expected to be completed this year.
WellPoint has more than 13 million members nationwide. Its shares rose 20 cents on the NYSE to close at $77.35. Cobalt shares fell 5 cents on the exchange to close at $19.75.
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