"Blue Cross Blue Shield's Last-Minute Acquisition Cancellation and Regulatory Hearing Updates"

Blue Cross and Blue Shield of Louisiana has decided to shelve its plans for a $2.5 billion sale to Elevance Health for the second time, leading to the cancellation of regulatory hearings. The nonprofit's proposal faced opposition from various stakeholders, including doctors, hospitals, policyholders, and state lawmakers. Blue Cross officials cited the need for more time and information for stakeholders to understand the proposed changes, prompting the withdrawal of the filing with the Louisiana Department of Insurance. It remains uncertain whether the company will attempt a third reorganization to facilitate the sale to Elevance. Elevance expressed continued commitment to the partnership despite the withdrawal. Critics have raised concerns about the deal's structure, Elevance's track record, and the involvement of Gov. Jeff Landry in the proposed foundation.