Cigna Terminates Merger Agreement with Anthem

Cigna press release ----- Cigna Corporations (NYSE: CI) today announced it has exercised its right to terminate the proposed merger agreement with Anthem, Inc. following the order on February 8, 2017 from the U.S. District Court for the District of Columbia enjoining the transaction. In light of the Court's ruling, Cigna believes that the transaction cannot and will not achieve regulatory approval and that terminating the agreement is in the best interest of Cigna's shareholders. To effect this termination, Cigna has filed suit against Anthem in the Delaware Court of Chancery. The suit seeks declaratory judgment that Cigna has lawfully terminated the merger agreement and that Anthem is not permitted to extend the termination date. The complaint seeks payment by Anthem of the $1.85 billion reverse termination fee contemplated in the merger agreement, as well as additional damages in an amount exceeding $13 billion. These additional damages include the amount of premium that Cigna shareholders did not realize as a result of the failed merger process. This action is necessary to enforce and preserve Cigna's rights and protect the interests of its shareholders. The company believes strongly in the merits of its case and hopes that this matter is rapidly resolved. For more in depth information on Cigna terminates merger agreement with Anthem click on the picture below to read the release.