Louisiana BCBS sale cancelled again. Does Elevance try for a third time?

quote:

---

On the eve of its scheduled public hearing, Blue Cross and Blue Shield of Louisiana informed Louisiana officials it was withdrawing its plan of reorganization and sale—again.

This is the second time that Blue Cross and Indiana-based Elevance Health have shelved their acquisition plans, though comments sent to Daily Report this morning hint that the companies do not intend to abandon the deal altogether. The companies previously took a step back in September for more time to address policyholders’ concerns and then resubmitted their plans in late December.

In a statement shared with Daily Report this morning, Blue Cross officials defended the deal, saying it was initiated “for the right reasons” and that the organization still needs a “strong partner” to position the company for the future.

“It is clear that our stakeholders need more time and information to understand the benefits of the changes we have proposed,” reads Wednesday’s statement from Blue Cross. “This is why we have decided to again pause the process in our proposed transaction with Elevance Health. This means that we are withdrawing our filing with the Louisiana Department of Insurance. We are also canceling the policyholder proxy and vote process, including the special policyholder meeting that was scheduled for Feb. 21. The statement went on to say that “more time is needed to make this bold step.”

Representatives of Elevance Health also hinted they plan to continue pursuing the acquisition.

“We are supportive of BCBSLA’s decision to withdraw their plan of reorganization,” reads a statement from Elevance representatives. “We will continue to meaningfully engage community members who are truly interested in better health outcomes and more affordable healthcare. We remain committed to this partnership and will work with BCBSLA on next steps in bringing that to reality.”

---