https://www.wbrz.com/news/blue-cross-blue-shield-cancels-acquisition-under-elevance-health-in-abrupt-switch-up/
7 replies (most recent on top)
I wish I could upvote the below post @biuw+1r4iebhz one hundred times.
Winners are the BCBSLA employees and the BCBSLA members
Never mind on the question below, I found this (hopefully I got the latest news): https://www.healthcarefinancenews.com/news/cigna-wont-receive-185-billion-breakup-anthem-court-rules#:~:text=Cigna%20sought%20the%20%241.85%20billion,company%20will%20receive%20a%20dime.
Did EH lose substantial money on this unsuccessful merger/acquisition the same way with the failed Cigna acquisition?
When they (BCBSLA and Elevance) went before the La Senate - it was 8 hours of brutal questions that none of them could answer. Senators Bass, Pressly, and Patrick ripped them apart and it was almost sad to watch. (https://www.thelayoff.com/t/1qW9H0BU) Right after that, all the senators crafted a letter to denounce the sale to the DOI who, by the way, wasn't even at that Senate hearing - an underling "fell on the sword" to go in his stead (https://cdn.ymaws.com/lsms.org/resource/resmgr/legal_news/senate_opposition_to_bcbs_el.pdf) followed by the new AG (https://d31hzlhk6di2h5.cloudfront.net/20240214/0c/85/ef/9f/0fa9c97dc1d3b7009c27205d/Letter_to_Insurance_Commissioner_Tim_Temple_from_Attorney_General.pdf) and now it's "paused" again for the second time. It makes me want to play the Bennie Hill theme while I explain everything that's gone on during this.
Wonder who will take the blame for this? Who will pay the price? How much money did they sink into this? More layoffs to balance out bad business decisions from the top?
I did not think the acquisition was going to go through. The deal is not in the best interests of the community, and would drive costs up. We need to move to single payer system. Greed has ki-led our healthcare system!