"At the end of the day the regulator will regulate." The merger, approved June 28 by 97 percent of the voting shareholders of WellPoint Health Networks Inc. and Indianapolis-based Anthem Inc. would create one of the largest for-profit health care corporations in the nation, company officials said. Under the terms of the deal, WellPoint stockholders will receive $23.80 in cash and one share of stock in the new company for every share they currently own in WellPoint. WellPoint closed at $108.90 per share June 28, up from $83.93 since October, when the merger was announced. The deal has been approved by federal regulators and officials in 10 states; California Insurance Commissioner John Garamendi and the state Department of Managed Health Care, part of Gov. Arnold Schwarzenegger's administration, have yet to agree to the deal. The DMHC is set to hold a public hearing on the matter July 9, with a recommendation expected in August, department officials said.