Managed care outfit WellPoint Health Networks' ( WLP) long-in-the-waiting-room acquisition of Cerulean Cos. has again been delayed, this time by a $675 million all-cash competing offer from Trigon Healthcare ( TGH). Although Cerulean, parent of Blue Cross and Blue Shield of Georgia, had agreed to the WellPoint deal in July 1998, shareholder suits blocked it. WellPoint last month agreed to pay $5 million to settle them. WellPoint boosted its bid to $680 million after Cerulean notified it last week of Trigon's offer, the company said in a Sunday night statement. Cerulean let it be known, the statement added, that the offer wasn't good enough because it "preserves WellPoint's previously negotiated right to match any competing proposal." WellPoint, a $6.3 billion company that plans to make Cerulean a wholly owned subsidiary, said it expects to offer a new response within a few days. WellPoint's stock closed Friday at $100.75. It lost ground last week after Prudential Securities downgraded a handful of HMO stocks.