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BUSINESS
March 30, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
Blue Shield of California, hoping to scuttle a blockbuster merger between two California health care giants, has sweetened its offer to buy WellPoint Health Networks by $3 a share, to about $4.8 billion, sources close to the talks said Wednesday. Blue Shield's new $48-a-share all-cash offer--a 38% premium over WellPoint's closing price Wednesday of $34.875 a share--poses an unwelcome obstacle to WellPoint's efforts to acquire rival Health Systems International for $1.8 billion in stock.
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BUSINESS
January 10, 1997 | Times Staff and Wire Reports
Health Systems International will take a $175- to $225-million charge in the first quarter for costs resulting from its merger with Foundation Health Corp. In a filing with the Securities and Exchange Commission, Woodland Hills-based Health Systems said the charge will account for expenses of negotiating and consummating the $1.27-billion combination and for integrating the two companies' operations.
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BUSINESS
January 10, 1997 | Times Staff and Wire Reports
Health Systems International will take a $175- to $225-million charge in the first quarter for costs resulting from its merger with Foundation Health Corp. In a filing with the Securities and Exchange Commission, Woodland Hills-based Health Systems said the charge will account for expenses of negotiating and consummating the $1.27-billion combination and for integrating the two companies' operations.
BUSINESS
January 8, 1997 | DAVID R. OLMOS, TIMES STAFF WRITER
Foundation Health Corp. chief Daniel Crowley, who has been criticized as a symbol of executive greed in the HMO industry, stands to receive a pay package of about $21 million in his firm's merger with Health Systems International, the company disclosed in securities filings Tuesday. Crowley will earn the $21-million payout if he leaves the HMO one year after the merger is completed and if he remains a consultant for the next three years.
BUSINESS
December 1, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
Health Systems International on Thursday accused WellPoint Health Networks and its majority shareholder of violating the terms of their $1.6-billion merger agreement, the latest sign that the deal is disintegrating. Health Systems also called on WellPoint and its 80% owner, Blue Cross of California, to agree to non-binding mediation, saying it "firmly believes" all issues can be resolved.
BUSINESS
March 3, 1995 | Times Staff and Wire Reports
HMO Suit Settled: Health Systems International said it has settled a lawsuit with its largest shareholder, a charitable foundation, which had accused the Woodland Hills-based managed-care company of improperly blocking the public sale of about $220 million in Health Systems stock. The suit, filed in Los Angeles County Superior Court, claimed that Health Systems and some company insiders tried to coerce the foundation into selling the stock at a discount to the market.
BUSINESS
April 4, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
WellPoint Health Networks and Health Systems International officially announced their merger Monday and vowed to expand to other parts of the country. The combined company also expects to benefit from extensive cost savings, including the elimination of an unspecified number of jobs, executives of the two companies said. The cuts are expected to affect some jobs in Woodland Hills, where both firms are based.
BUSINESS
April 4, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
WellPoint Health Networks and Health Systems International officially announced their merger Monday and vowed to expand to other parts of the country. The combined company also expects to benefit from extensive cost savings, including the elimination of an unspecified number of jobs, executives of the two companies said. The cuts are expected to affect some jobs in Woodland Hills, where both firms are based.
BUSINESS
May 30, 1996 | DAVID R. OLMOS, TIMES STAFF WRITER
Health Systems International, which suffered a rash of executive suite defections during its failed merger with WellPoint Health Networks, has named investment banker Jay Gellert as its new president and chief operating officer, effective June 3. The Woodland Hills-based managed-care company said Gellert's appointment is the first in a series of top-level executive jobs that will be filled during the next several weeks.
BUSINESS
June 6, 1996 | DAVID R. OLMOS, TIMES STAFF WRITER
Continuing to revamp its senior management, Health Systems International has named a top executive from a rival managed-care company to head Health Net, its main subsidiary and the state's second-largest HMO. Arthur M. Southam, president and chief executive of CareAmerica Health Plans, was named president of Health Net, a health maintenance organization with 1.3 million members in California.
BUSINESS
June 6, 1996 | DAVID R. OLMOS, TIMES STAFF WRITER
Continuing to revamp its senior management, Health Systems International has named a top executive from a rival managed-care company to head Health Net, its main subsidiary and the state's second-largest HMO. Arthur M. Southam, president and chief executive of CareAmerica Health Plans, was named president of Health Net, a health maintenance organization with 1.3 million members in California.
BUSINESS
May 30, 1996 | DAVID R. OLMOS, TIMES STAFF WRITER
Health Systems International, which suffered a rash of executive suite defections during its failed merger with WellPoint Health Networks, has named investment banker Jay Gellert as its new president and chief operating officer, effective June 3. The Woodland Hills-based managed-care company said Gellert's appointment is the first in a series of top-level executive jobs that will be filled during the next several weeks.
BUSINESS
December 1, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
Health Systems International on Thursday accused WellPoint Health Networks and its majority shareholder of violating the terms of their $1.6-billion merger agreement, the latest sign that the deal is disintegrating. Health Systems also called on WellPoint and its 80% owner, Blue Cross of California, to agree to non-binding mediation, saying it "firmly believes" all issues can be resolved.
BUSINESS
September 1, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
Dealing a moderate blow to a larger rival, Foundation Health Corp. on Thursday wrested away a plum $2.5-billion military health care contract from Health Systems International. Foundation, a Rancho Cordova, Calif.-based managed-care company, had protested the government's award in March of the five-year military pact to the Qual-Med unit of Health Systems.
BUSINESS
April 20, 1995 | Times Staff and Wire Reports
More HMO Executives Leave: The exodus of top management from Health Systems International continued since the news of its plans to be acquired. The Woodland Hills company announced that Executive Vice Presidents Stephen D. Vogt and Gerald M. Cooper have resigned. Earlier this month, WellPoint Health Networks, also of Woodland Hills, announced a proposal to acquire Health Systems, parent of the Health Net health maintenance organization.
BUSINESS
April 5, 1995 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
The cost-cutting craze may be sweeping the health care world, with everyone from doctors to hospital administrators complaining about feeling squeezed. But anyone who doubts there are still huge profits to be made in medicine need look only at the fortunes of several dozen people who would be made multimillionaires by the pending acquisition of Health Systems International by WellPoint Health Networks. The $1.
BUSINESS
April 1, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
Roger F. Greaves resigned as chief executive of the parent company of Health Net after he lost a bid to be the top executive in a merger his company is negotiating with rival WellPoint Health Networks, sources said. The resignation, which company officials said was unexpected, came as WellPoint was on the verge of announcing its acquisition of Health Systems in a $1.8-billion stock swap.
BUSINESS
April 4, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
WellPoint Health Networks and Health Systems International officially announced their merger Monday and vowed to expand to other parts of the country. The combined company also expects to benefit from extensive cost savings, including the elimination of an unspecified number of jobs, executives of the two companies said. The cuts are expected to affect some jobs in Woodland Hills, where both firms are based.
BUSINESS
April 4, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
WellPoint Health Networks and Health Systems International officially announced their merger Monday and vowed to expand to other parts of the country. The combined company also expects to benefit from extensive cost savings, including the elimination of an unspecified number of jobs, executives of the two companies said. The cuts are expected to affect some jobs in Woodland Hills, where both firms are based.
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