Cigna scraps merger with Anthem, sues rival for $13 billion dollars
The health insurance company said it was terminating the merger with rival Anthem after a federal judge blocked the deal over anti-competitive grounds. The merger would have made the combined company the largest health insurer in the US based on the number of lives covered.
Additionally, Cigna will sue Anthem for a $1.85 billion reverse break-up fee and an additional $13 billion in damages according to Bloomberg.
One of the factors in the decision by a federal judge to block the merger was Cigna's seeming distaste with the deal.
More to come...