Anthem Calls Off Cigna Merger After Court Loss

Anthem announced Friday morning that it will stop pursuing Cigna, a merger that long ago turned into a hostile takeover bid.

Anthem announced Friday morning that it will stop pursuing Cigna, a merger that long ago turned into a hostile takeover bid.

 

Cigna had asked a Delaware Chancery Court judge to let it out of the merger agreement, and had asked that court to approve billions in damages past the $1.85 billion accounted for as a breakup fee in the original agreement from July 2015.

 

That judge ruled against Anthem on Thursday, but offered the Indianapolis-based company the chance to appeal.

Caroline Cournoyer is GOVERNING's senior web editor.