Healthcare giant Anthem stepped up its pursuit of rival Cigna Corp. with a $54-billion takeover bid amid an industrywide merger frenzy that could dramatically reshape the insurance market.
Anthem, the nation’s second-largest health insurer, said Saturday it had offered $184 a share for Cigna in cash and stock, or $54 billion, including debt. But Anthem expressed frustration that talks had broken down in recent days over the future role of Cigna’s chief executive.
Health insurance giants are in a frenzied search for merger partners.
The public move by Anthem caps weeks of speculation about a flurry of potential mega-mergers among the industry’s biggest players. It’s possible another suitor could vie for Cigna, based in Bloomfield, Conn.
Anthem said its combination with Cigna would have $115 billion in annual revenue and serve 53 million members. That would make it bigger than industry leader UnitedHealth Group Inc. in terms of membership.
Full content: International Business Times
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