Judge Hands Off Anthem-Cigna Case In Order To Speed Process
Meanwhile, Cigna's CEO says he still supports the mega-merger but also talks about his Plan B -- stock buybacks or acquisitions -- if the deal comes undone,
Modern Healthcare:
Anthem-Cigna Merger Challenge To Speed Along With New Judge Assignment
Aetna and Anthem's multibillion-dollar health insurance mergers may be decided by year-end, after all. The federal judge overseeing the U.S. Justice Department's challenges to the deals has sent one case to another judge.U.S. District Judge John Bates said there was no way he could try and decide the cases against Aetna's $37 billion deal for Humana and Anthem's $53 billion acquisition of Cigna Corp. by their requested year-end deadline, returning the Anthem-Cigna case back to the federal court for reassignment. (Teichert, 8/5)
Bloomberg:
Aetna Judge Hands Off Anthem Merger Case To Speed Trials
The judge overseeing two U.S. cases challenging mergers among four of the biggest health insurers gave up one, improving the odds for rulings on both tie-ups by the end of the year and reducing the chance they fall apart beforehand.U.S. District Judge John Bates in Washington said Friday he would keep the case against Aetna Inc.’s deal for Humana Inc., leaving the challenge to Anthem Inc.’s takeover of Cigna Corp. to another judge. (McLaughlin and Harris, 8/5)
Bloomberg:
Cigna Talks About Plan B As U.S. Challenge To Anthem Bid Looms
Cigna Corp. Chief Executive Officer David Cordani faces a tough task: persuading investors and lawyers that the health insurer is committed to a troubled $48 billion takeover by Anthem Inc., while also talking up its prospects as an independent company.Cigna met with investors this week to discuss the merger, which Cordani says he still supports, and also talk about his Plan B -- stock buybacks or acquisitions if the deal falls apart, according to notes to investors from Wolfe Research and Goldman Sachs Group Inc. (Tracer, 8/6)
