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Cigna calls Anthem proposal “inadequate” and not in “best interests”
USA Today

Health insurance firm Cigna (CI) has turned down a $54 billion bid offered by larger rival Anthem.

The most recent offer, which Anthem said was of $184 per share in cash and stock, “is inadequate and not in the best interests of Cigna’s shareholders,” said Cigna Corp. president and CEO David Cordani and the company’s chairman of the board Isaiah Harris in a letter sent to Anthem’s board of directors in Indianapolis.

Anthem (ANTM) has made four bids this month for the Connecticut-based firm.