Anthem gives up on bid for Cigna

Published on Friday, 12 May 2017 20:30
Written by The Associated Press

INDIANAPOLIS - Anthem is finally ending its soured, $48 billion bid to buy rival Cigna, but the nation’s second-largest health insurer isn’t giving up a fight over whether Cigna deserves a termination fee for the scrapped deal.

Anthem says Cigna sabotaged the merger agreement and caused “massive damages” for Anthem, which provides Blue Cross-Blue Shield coverage in several states.

The Indianapolis-based insurer announced its decision Friday, a day after a Delaware judge refused its request to extend a ban blocking Cigna from pulling out of the deal.

The deal, announced in 2015, has already been rejected by a federal judge and an appeals court. Anthem Inc. said last week that it would seek a Supreme Court review of the case.

Posted in New Britain Herald, Business, Nation-World on Friday, 12 May 2017 20:30. Updated: Friday, 12 May 2017 20:32.