Cigna (CI) Rejects $184/Share Offer from Anthem (ANTM)

Cigna Corporation (NYSE: CI) is active Monday morning following news over the weekend that Anthem, Inc. (NYSE: ANTM) submitted a non-binding proposal to acquire the company for $184 per share in cash and stock. Anthem commented, Together Anthem and Cigna would gain meaningful diversification covering approximately 53 million combined medical members and strong commercial, government, consumer and specialty franchises.

On Sunday, Cigna announced that its Board of Directors "carefully reviewed this proposal consistent with the company’s continued focus on maximizing shareholder value and creating differentiated value for its customers, clients and other stakeholders in a dynamic, rapidly-evolving healthcare environment. Based on a number of factors in the proposal and unaddressed concerns regarding the ability to achieve the benefits of a potential combination, the Cigna Board has unanimously determined the proposal is inadequate and not in the best interests of Cigna’s shareholders."

Cigna continued, Cigna’s mission is to improve the health, well-being and sense of security of the people we serve. Effective execution of our focused strategy has driven a consistent track record of strong financial performance and successful shareholder value creation. Since implementing its “Go Deep, Go Global, Go Individual” strategy over five years ago, Cigna has delivered compound annual growth of 14% for revenues and 13% for adjusted income from operations.

Early Monday, Anthem reiterated its commitment to its non-binding June 20, 2015 proposal to acquire Cigna Corporation (NYSE: CI) for $184 per share in cash and stock.

Shares of Cigna are up 7.4 percent in early trading.

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