Cigna Rejects Anthem Takeover Bid, Calling Offer Inadequate

Cigna Corp. said it has rejected an acquisition proposal from Anthem Inc., saying it was highly conditional and undervalued the health-insurance company.

Anthem disclosed Saturday it had made a non-binding offer of $184 a share, or about $47 billion, for its smaller rival, with about 31 percent paid in Anthem shares and the rest in cash.

Directors have “unanimously determined the proposal is inadequate and not in the best interests of Cigna’s shareholders,” Cigna Chief Executive Officer David Cordani and Chairman Isaiah Harris Jr. wrote in a letter to Anthem. The letter accompanied a company statement on Sunday.

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