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The proposed mega-merger between the fourth largest health insurance company CIGNA Corporation (NYSE:CI) and second ranked Anthem Inc (NYSE:ANTM) has been officially called off.
In a press release Tuesday, Cigna announced that it had terminated its merger agreement with Anthem, believing that the transaction would not receive regulatory approval and that “terminating the agreement is in the best interest of Cigna’s shareholders.”
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“Cigna is disappointed in the outcome of this process. Cigna believed from the outset that the merger of the two companies had the potential to expand choice, improve affordability and quality and further accelerate value-based care,” the company said in a statement.
Related Link:An 8-K regulatory filing from Cigna shows that Anthem must pay a $1.85 billion reverse termination fee and is seeking an additional $13 billion in added damages.
The announcement comes at the same time that another significant merger, a $37-billion healthcare takeover between Aetna Inc (NYSE:AET) and Humana Inc (NYSE:HUM) was called off Tuesday, following Aetna’s decision to not appeal a ruling by a federal judge who blocked the deal due to antitrust concerns. Aetna will have to pay Humana a $1 billion breakup fee after the fallout.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.