Online:
Visits:
Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Cigna breaks off Anthem merger talks and sues

Tuesday, February 14, 2017 14:22
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Health insurer Cigna (NYSE:CI) announced it will end to its planned merger with rival Anthem (NYSE:ANTM), following a judge’s decision that the proposed tie-up would be anti-competitive – and said on Tuesday it was suing Anthem seeking a reverse $1.85bn termination fee and additional damages “in an amount exceeding $13bn.”

Cigna said in a statement that the damages it is seeking includes lost premium value to its shareholders as a result of what it has alleged were Anthem’s breaches of their merger agreement.

Anthem maintains that Cigna has no right to unilaterally pull the plug:

“Under the terms of the merger agreement, Cigna does not have a right to terminate the agreement. Therefore, Cigna’s purported termination of the merger agreement is invalid. Anthem will continue to enforce its rights under the merger agreement and remains committed to closing the transaction.”

Cigna shares were up 0.5% at $146.58 while Anthem were down 0.2% at $163.22 on Tuesday.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/173149/cigna-breaks-off-anthem-merger-talks-and-sues-173149.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.