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Humana Has Farthest to Fall If Frozen Out From Deals: Real M&A

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Humana Inc. shareholders have the most to lose if the health insurer gets spit out of the tide of consolidation sweeping the industry.

Speculated as the likeliest target among the top five U.S. managed-care providers, Humana could be left to fend for itself -- or forced to take a lower offer than it might like -- if potential suitors merge with each other instead. Anthem Inc. had weighed a bid for Humana, but on Saturday announced a $47 billion proposal for Cigna Corp. While Cigna rejected the $184-a-share cash and stock offer, Anthem reiterated it on Monday.