Thu, Jul. 21, 10:38 AM
- It's official. The U.S. Department of Justice (DOJ) has filed an antitrust suit in U.S. District Court in Washington, DC attempting to block the Anthem (ANTM +1.8%) and Cigna (CI +0.8%) merger and the Aetna (AET +0.9%) and Humana (HUM -0.4%) merger. In the complaint, the DOJ said the deals would be anti-competitive and would not be in the best interests of consumers.
- Unsurprisingly, the four companies take the opposite view.
Tue, Jul. 19, 10:37 AM
- According to Bloomberg, the U.S. is preparing litigation to block the Anthem (ANTM -2.2%)/Cigna (CI -2%) and Aetna (AET -3.5%)/Humana (HUM -4.2%) mergers over antitrust concerns.
- Previously: Humana, Aetna slide on chatter over Justice Dept. meeting (July 7)
- Previously: Anthem-Cigna deal in jeopardy? (June 30)
- Update: The Department of Justice filed an antitrust lawsuit on July 21 opposing both mergers.
Thu, Jun. 30, 3:50 AM
- The Justice Department has told Anthem (NYSE:ANTM) its planned takeover of Cigna (NYSE:CI) threatens competition and probably can't be fixed by selling parts of their businesses, Bloomberg reports.
- The companies recently met with Bill Baer, the department's No. 3 official, in a bid to get the $48B deal approved. A decision on the combination is expected by mid-July.
Mon, Jun. 20, 5:32 AM
- U.S. antitrust regulators are concerned about Anthem's (NYSE:ANTM) proposed acquisition of Cigna (NYSE:CI) and aren't sure the health insurers can offer concessions that would fully preserve competition in the industry, WSJ reports.
- Company representatives met June 10 in Washington with Justice Department staffers and representatives of more than a dozen state attorneys general and have more meetings scheduled this week with top DOJ officials.
Thu, Jun. 16, 5:38 PM
- California's insurance commissioner is urging the U.S. Department of Justice to block Anthem's (NYSE:ANTM) takeover of Cigna (NYSE:CI), saying he is concerned it will raise premiums in the state.
- ANTM and CI would control 61% of California's administrative services market alone, the commissioner says.
- ANTM says it is "confident that the highly complementary nature and limited overlap of our organizations that will benefit the complex and competitive health insurance markets will be reviewed on the facts by the DoJ and appropriate state authorities."
Sun, May 22, 9:50 AM
- Quarrels have broken out behind the scenes of Anthem's (NYSE:ANTM) $48B proposed acquisition of Cigna (NYSE:CI) as the health insurers seek regulatory approval for their landmark deal, according to The Wall Street Journal.
- People on both sides say the squabbles could delay or derail antitrust approvals, which are typically harder to obtain if both parties aren't in sync.
- If completed, the deal would create the largest U.S. health insurer by members, with more than 54M, and $117B in annual revenue.
- Previously: Cigna warns Anthem deal may not close this year (May. 08 2016)
Wed, Jan. 13, 3:23 AM
- Although still under review by the Justice Department, Aetna (NYSE:AET) Chief Executive Mark Bertolini expects the company's $37B acquisition of rival Humana (NYSE:HUM) to close this year.
- "So far, we have nothing to believe it will be any slower than that, or any faster," Bertolini said in an interview at the JP Morgan Healthcare conference.
- Anthem (NYSE:ANTM) CEO Joseph Swedish also anticipates the firm's $47B merger with Cigna (NYSE:CI) to close in 2016 - moves that will further consolidate the U.S. health insurance industry.
Dec. 3, 2015, 11:15 AM| Dec. 3, 2015, 11:15 AM
Dec. 3, 2015, 3:13 AM
- After settling multiple class-action lawsuits earlier this week, Anthem (NYSE:ANTM) and Cigna (NYSE:CI) could take a step toward consummating their merger today as shareholders of both companies vote on whether to proceed with the $54B deal.
- But even if shareholders give the go-ahead, the merger must survive intense scrutiny among federal and state regulators.
- The tie-up is one of two mergers being proposed that would combine the five largest U.S. insurers into three companies; the other deal is one announced between Aetna and Humana.
- Previously: Anthem to acquire Cigna for $54.2B (Jul. 24 2015)
Jul. 24, 2015, 6:15 AM
- Anthem (NYSE:ANTM) has agreed to buy Cigna (NYSE:CI) in a deal valued at $54.2B, wrapping up a year of negotiations and creating the largest health insurer in the U.S.
- Cigna shareholders will get $103.40 per share in cash and 0.5152 Anthem shares.
- The deal comes three weeks after Aetna (NYSE:AET) struck a deal to buy Humana (NYSE:HUM) for $37B and is part of an industry-wide consolidation following the roll-out of Obamacare.
Jul. 22, 2015, 6:30 PM
- Anthem (NYSE:ANTM) is close to a deal to buy Cigna (NYSE:CI) for around $187/share -- more than $48B total -- that could be announced as soon as tomorrow afternoon, Dow Jones is reporting.
- The move would create the country's largest insurer, with a combined current market cap of just over $80B.
- Cigna had rejected an earlier $47.5B bid as "inadequate."
- If this deal and Aetna's $34B agreement to buy Humana are both approved and finished, the five major U.S. health insurers would drop to three.
- After hours: CI +7.2%; ANTM -0.5%.
- Previously: Anthem and Cigna at the table again over possible merger (Jul. 02 2015)
Jul. 2, 2015, 10:15 AM
- According to the Wall Street Journal, health insurers Anthem (ANTM -0.4%) and Cigna (CI +1.8%) are again in talks about a possible merger. Cigna rejected Anthem's earlier $47.5B bid, calling it "inadequate and not in the best interests of Cigna's shareholders."
- Anthem's market cap is $43.6B while Cigna's is $42.3B.
Jun. 22, 2015, 10:08 AM| Jun. 22, 2015, 10:08 AM | 1 Comment
Jun. 21, 2015, 4:50 PM
- Cigna (NYSE:CI) has rejected Anthem's (NYSE:ANTM) $184/share offer for the company, saying its board unanimously determined that the offer was "inadequate."
- "We are deeply disappointed with your recent actions," Cigna's board wrote in a letter to Anthem. "We have been engaged in good faith discussions with Anthem to determine whether a potential strategic combination is in the best interests of Cigna’s shareholders.”
- Previously: Anthem goes after Cigna with $54B bid (Jun. 20 2015)
- Previously: Aetna makes takeover proposal to Humana: WSJ (Jun. 20 2015)
- Previously: Consolidation talk hits the health-insurance sector (Jun. 16 2015)
Jun. 20, 2015, 5:10 PM
- Anthem (NYSE:ANTM) has boosted its takeover offer for Cigna (NYSE:CI) and is going public with the bid after the two sides failed to reach agreement.
- Anthem's $184/share bid (cash and 31% stock) reflects a 35.4% premium to unaffected Cigna price on May 28.
- Anthem’s pursuit of Cigna comes as Cigna is eying Humana (NYSE:HUM), which has put itself up for sale, and whom now appears to be on Aetna's (NYSE:AET) radar screen.
- The five big managed-care companies are jockeying for deals that will enable them to get more efficient and better respond to changes in the healthcare landscape. Analysts say regulators will only allow one or two such combinations.
- "Anthem has been engaged with Cigna to explore a potential combination since August 2014 and is making its proposal public today following Cigna's refusal to reasonably negotiate and its insistence on securing governance matters that are not common practice in similar transactions."
Jun. 15, 2015, 12:18 PM
- The two companies have been in discussions for months and within the last ten days Anthem (ANTM +1.9%) has made two bids for Cigna (CI +9.5%), with the last being about $175 per share.
- So far, Anthem's efforts have been rebuffed by Cigna.
- Source: WSJ
- Previously: Humana spikes 20% after WSJ report says it wants to sell itself (May 29)
Cigna Corp. provides medical, dental, disability, life and accident insurance and related products and services to businesses, governmental and non-governmental organizations and individuals. The company operates through following segments: Global Health Care, Group Disability and Life, Global... More
Industry: Health Care Plans
Country: United States
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