Albuquerque Journal (Albuquerque, NM)

Bid to buy Blue Cross falls within fair market value.

Byline: Winthrop Quigley Journal Staff Writer

The fair market value of Blue Cross and Blue Shield of New Mexico is between $45 million and $60 million, according to an independent evaluation done for state regulators.

Pricewaterhouse Coopers reported its findings Jan. 18 to the Public Regulation Commission insurance division, which is reviewing the fairness of a Chicago company's $55 million offer to buy the New Mexico company's assets and operate it as a division.

A consumer advocate who questions the fairness of the transaction said correspondence between Blue Cross and Blue Shield of New Mexico and Health Care Service Corp. suggests the bidding process was biased against an unsuccessful purchaser. …

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