COLUMBIA III: COLUMBIA AND VALUE HEALTH SET TO MERGE

      Columbia/HCA Healthcare Corp. and Value Health Inc.
 announced yesterday that Value Health's subsidiary, Value
 Behavioral Health of California, has received an order from the
 California Department of Corporations allowing finalization of
 their proposed merger.  The merger, which requires Columbia to
 pay $20.50 in cash for each Value Health share of stock, is
 expected to be completed this week.  Value Health shareholders
 approved the transaction on June 18.  Value Health is a provider
 of specialty benefit programs to large corporations, insurance
 carriers, managed care organizations and federal, state and local
 governments.  Value Health's businesses include pharmacy benefit
 management; mental health and substance abuse management;
 workers' compensation; disability and group health management;
 and disease management (Columbia release, 8/5).  Click here for
 more information on the deal between Columbia and Value Health.