Glenview, Icahn Face Off Over Cigna/Express Scripts Deal
- Icahn says Glenview’s Robbins has a lot to lose if deal fails
- Glenview contends price being paid is cheap compared to others
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Activist investor Carl Icahn’s push to derail Cigna Corp.’s proposed $54 billion takeover of pharmacy-benefits firm Express Scripts Holding Co. isn’t convincing one big shareholder.
Glenview Capital Management LLC publicly backed the deal on Thursday in a letter to Cigna shareholders, urging other investors to do the same, saying the company is actually paying a cheap price for Express Scripts compared with similar takeovers in the past. That rebuts Icahn’s statements that the health insurer is “dramatically overpaying” for a company facing existential threats.