After receiving acquisition proposals from several Blue Cross plans, Cobalt Corp. has pulled in Bear Stearns to assist it in exploring strategic alternatives. However, the company itself may be on the prowl for acquisitions, said an analyst. The July 30 news, made after the market closed, did not help Cobalt’s stock price. Its shares fell 13% the next day to close at $7.10. In subsequent trading sessions, its stock continued to slide and closed at $6.60 by press time.
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