By Lisa Beilfuss
Anthem Inc. (ANTM) on Monday said it is backing its $47.5
billion bid for Cigna Corp. (CI), a day after Cigna rejected the
offer.
The company has scheduled a conference call and webcast at 11:00
a.m. EDT to review the proposal that Chief Executive Joseph Swedish
calls a "significant and compelling value for shareholders in a
transaction that would bring together two highly complementary
platforms."
Anthem on Saturday went public with its bid to acquire Cigna for
$184 in cash and stock, seen as a move to influence Cigna through
its shareholders. Cigna called the offer "inadequate" and said a
key sticking point is who would run the combined company.
Anthem's pursuit of Cigna comes as Cigna as well as Aetna Inc.
(AET) size up Humana Inc. (HUM), which has privately offered itself
for sale. The five big managed-care companies are jockeying for
deals that will enable them to become more efficient and better
respond to changes in the health-care landscape in the U.S. brought
on by the Affordable Care Act and other developments.
Cigna shares rose 7.5% premarket, while Anthem shares gained
2.4%.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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