Anthem ups its bid for Cinga to $54 billion including debt

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Health insurance giant Anthem just boosted its buyout offer for Cinga Corp.

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The news that Anthem is looking to buy Cinga originally broke last Monday, with the Wall Street Journal reporting a $175 a share offer, but the two sides failed to reach a deal.

Now, Anthem has increased its offer, to $184 a share in cash and stock, which comes out to $54 billion, including debt.

There's a press release, which lays out the terms Anthem is offering in a bit more detail:

The offer, which values the company at $53.8 billion on an enterprise basis, represents an "unaffected" premium to Cigna's stockholders of more than 35.4%, based on the closing price of Cigna's shares on May 28, 2015. Under the contemplated terms, the consideration would consist of approximately 31.4% Anthem shares and 68.6% cash and the combined company would reflect a pro forma equity ownership comprised of approximately 76.3% Anthem shareholders and approximately 23.7% Cigna stockholders.

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Cinga shares jumped after news of the takeover offer Monday, but have been more or less flat the rest of the week. Shares are up about 67% over the past 12 months:

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(via WSJ)

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