Anthem extends termination date of deal with Cigna to April 30

Anthem has elected to officially extend its contract deadline to merge with Cigna to the end of April, according to a Securities and Exchange Commission filing on Thursday. Sources have reportedly told the New York Post that the filing was done ahead of an expected court ruling against the $54 billion deal, raising speculation that Anthem wants to leave open the option to appeal a court decision against the merger. No one from the Department of Justice or Cigna could be reached for comment. If the merger fails to go through for reasons specified in the contract, Anthem would pay Cigna a $1.8 billion breakup fee. Industry experts have said Anthem and Cigna would have an uphill battle against the DOJ's arguments of antitrust concerns should the insurers be allowed to combine.

SOURCE: Source
INDUSTRY NEWS TAGS: Other Healthcare News

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