Anthem Tries To Salvage Merger By Asking Judge To Stop Cigna From Pulling Out Of Deal
The judge expressed reservations about allowing the deal to be terminated but said it was "a long shot" for Anthem to succeed in winning merger approval.
Bloomberg:
Anthem Asks Judge To Continue Blocking Cigna's Merger Exit
Anthem Inc. is making another push to salvage its $48 billion merger with Cigna Corp. by asking a Delaware judge to extend an order blocking its would-be partner from pulling out of the deal. Anthem wants Delaware Chancery Court Judge Travis Laster to extend a temporary ban on Cigna’s exit for 60 days. The company hopes to work out a deal with federal prosecutors to drop their objections to the combination or to get the U.S. Supreme Court to overturn court rulings blocking it as anticompetitive. (Feeley, 5/8)
Reuters:
Anthem Argues For 60 Days To Save Merger With Balky Cigna
The U.S. Justice Department and 11 states sued to stop the proposed transaction and won in both district court and an appeals court. Anthem wants the injunction while it pursues an appeal to the U.S. Supreme Court. (Bartz, 5/8)
