Court Issues Temporary Order Keeping Cigna From Terminating Merger With Anthem
A Delaware judge has issued a temporary restraining order blocking Cigna Corp. from terminating its $48 billion merger with Anthem Inc, reports the Wall Street Journal (Feb. 16, Kendall). Following a federal judge's earlier ruling that the proposed merger violates antitrust law, Cigna this week sought a $1.85 billion breakup fee and more than $13 billion in damages. Anthem responded with its own lawsuit and sought an order stopping Cigna from ending the merger. Both Anthem and Cigna have accused one another of violating their 2015 merger deal. Under terms of the merger agreement, Anthem could extend the deal until the end of April. Anthem is attempting to win an appeal of the U.S. District Judge's initial ruling that the merger would harm consumers and competition.
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