|
 Cigna said on Tuesday it had notified Anthem it had ended the deal
and that Anthem was required to pay a $1.85 billion break-up fee.
Cigna also filed a lawsuit in Delaware on Tuesday, seeking legal
sanction for its decision to end the deal and approval for $13
billion in damages for its shareholders who did not receive the
takeover premium.
Anthem in its lawsuit, which was also filed in Delaware, is seeking
a temporary restraining order to prevent Cigna from ending the deal,
arguing there is still enough time to complete the transaction.
A federal judge last week ruled against Anthem's proposed merger
with Cigna, saying the combined company would have worsened an
already highly concentrated market. The U.S. Justice Department sued
in July 2016 to stop the deal.
Anthem said it is pursuing an expedited appeal of the court decision
and is committed to complete the merger either through a successful
appeal or through a settlement with the new leadership at the
Justice Department.
[to top of second column] |
Also on Tuesday, Aetna Inc and Humana Inc walked away from their $34
billion merger on Tuesday weeks after a separate judge blocked their
deal on similar grounds.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Savio D'Souza)
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