Anthem Accuses Cigna Of Doing Everything In Its Power To Sabotage $49B Merger
Now that the deal has fallen apart, Cigna is seeking more than $16 billion in damages and termination fees, while Anthem claims it’s owed $20 billion in damages because of Cigna’s intransigence in turning over information to push the merger forward.
Bloomberg:
Anthem Says Bid To Save $49 Billion Deal Was ‘Cut Off At Knees’
Cigna Corp. officials did everything they could to sabotage a $48.9 billion merger with Anthem Inc., including refusing to consider divestitures that would have helped the deal win regulatory approval, Anthem’s general counsel told a judge. Cigna refused to turn over data Anthem executives needed to convince U.S. Justice Department attorneys of the merger’s value to customers, Thomas Zielinski, Anthem’s top lawyer, testified Monday in the opening of a damages trial tied to the transaction’s collapse. (Feeley, 2/25)
In other health industry news —
Reuters:
U.S. Asks Judge To Give Final Approval To Settlement With CVS To Buy Aetna
The U.S. Justice Department formally asked a judge on Monday to approve its deal to allow CVS Health Corp to merge with insurer Aetna. Judge Richard Leon of the U.S. District Court for the District of Columbia scolded the government and parties late last year for closing the $69 billion dollar merger before the consent order was approved by the court. In response, CVS offered to halt some integration of the two companies. (2/25)
