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Anthem proposes to buy Cigna for $184 per share
San Francisco Chronicle

After getting the cold shoulder, U.S. health insurer Anthem Inc. said it’s raising its offer to buy smaller rival Cigna Corp. for about $47 billion, including cash and stock.

Indianapolis-based Anthem said Saturday it’s proposing $184 per share, about 31 percent of that would be in Anthem shares and the remainder in cash. The offer represents a premium to Cigna’s stockholders of 18 percent over Cigna’s closing stock price on Friday. It said the bid also represents a premium of 35.4 percent based on the closing price of Cigna’s shares on May 28 when reports of industry merger talks began. Anthem said the total transaction is valued at nearly $54 billion, including debt.