Deals
Cigna ‘Dramatically Overpaying’ for Express Scripts, Icahn Says
- Activist owns 0.56 percent of Cigna shares, is short Express
- Cigna says Icahn’s views are ‘misguided and short-sighted’
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Activist investor Carl Icahn said shareholders in Cigna Corp. should vote against the $54 billion takeover of pharmacy-benefits firm Express Scripts Holding Co. because the health insurer is “dramatically overpaying” for a company facing existential threats.
“Cigna management is offering to pay an all-time high price for a company that, as a result of secular changes, is currently standing on very dangerous ground,” the billionaire wrote in an open letter to shareholders on Tuesday. “It’s a travesty to complete this deal.”