Judge Gives Cigna Permission To Pull Out Of Proposed Merger With Anthem
The merger had been blocked after federal officials raised objections, but Anthem had sought court approval to keep Cigna from walking away from the proposal.
The Associated Press:
Judge Denies Anthem Injunction In Lawsuit Over Cigna Merger
A Delaware judge on Thursday refused Anthem Inc.’s request to extend a temporary ban blocking Cigna Corp. from pulling out of proposed $48 billion merger while Anthem tries to persuade federal officials to drop their objections to the deal. The ruling comes after a federal appeals court last month left in place a decision blocking Blue Cross-Blue Shield insurer Anthem’s bid to buy rival Cigna, saying a bigger company would not be better for consumers. (Chase, 5/11)
Cigna Free To Part Ways With Anthem
Cigna Corp. has been cleared to walk away from its proposed $54 billion merger agreement with insurer Anthem, a Delaware Chancery Court judge ruled late Thursday. Judge Travis Laster denied Anthem's request to block Cigna from terminating the agreement, but stayed the ruling until noon on Monday to give Anthem time to decide whether it will appeal the decision. Cigna initiallly tried to end its relationship with Anthem in February, but was blocked by a termporaray restraining order. In a statement Thursday, Cigna said, "We look forward to closing this final chapter." Anthem did not return a request for comment. (Livingston, 5/11)