Cobalt Sells Innovative Resource Group to APS Healthcare, Inc.Business Editors MILWAUKEE--(BUSINESS WIRE)--April 1, 2002 Cobalt Corporation (NYSE NYSE See: New York Stock Exchange :CBZ CBZ Carbamazepine CBZ Carbobenzoxy CBZ Centrale Burgerlijke Ziekeninrichting (Dutch) ) announced it has sold Innovative Resource Group, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cobalt Corporation, to APS Healthcare Bethesda, Inc. a wholly owned subsidiary of APS Healthcare, Inc. The transaction affects current operations in Wisconsin, Texas, Florida, Michigan and Arizona. The terms of the sale were $27 million, $17 million in cash and $10 million in a three-year note. The reported gain on the sale after transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). and discounts is expected to be $11 million. "This transaction remains consistent with Cobalt Corporation's strategic business plan to focus on our core operations," said Thomas R. Hefty, president, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cobalt Corporation. The transaction closed on March 29, 2002. "We are excited to join APS Healthcare," said James E. Hartert M.D., president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Innovative Resource Group. "APS is recognized throughout the industry for providing quality specialty managed care services." Cobalt Corporation has scheduled a conference call for 3:30 pm CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT on April 12, 2002 to discuss revised guidance for the year. APS Healthcare, Inc. is a privately owned behavioral healthcare company also offering disease management services. APS also offers employee assistance programs which provide assessment and referral services to assist employees and their dependents in identifying and addressing potential mental health and substance abuse problems at their earliest stages. APS provides service to employers, commercial health plans and public sector programs in the United States and Puerto Rico, serving approximately 9 million covered lives. APS is committed to helping people lead healthier lives by providing user-friendly and innovative behavioral healthcare systems. For more information about APS Healthcare, please visit www.apshealthcare.com. Innovative Resource Group, a healthcare management company specializing in behavioral health, medical and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. consulting, care management and administrative services, is headquartered in Waukesha, Wis. Innovative Resource Group serves 2 million lives in 49 states. For more information about Innovative Resource Group, please visit www.IRGresources.com. Cobalt Corporation is one of the leading, publicly traded managed care companies in the nation, offering a diverse portfolio of complementary insurance and managed care products to employer, individual, insurer and government customers. Headquartered in Milwaukee, Cobalt Corporation was formed by the combination of Blue Cross & Blue Shield United of Wisconsin and United Wisconsin Services, Inc. For more information, visit the Web site at www.cobaltcorporation.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion