Cigna hit with lawsuit over $54.2B Anthem deal

A Cigna shareholder seeking to block the health insurer's deal with Anthem has filed a proposed class-action lawsuit against the company, according to a Law360 report.

Anthem entered into a definitive agreement to acquire Cigna last month in a cash and stock transaction valued at $54.2 billion. Under the deal, Cigna stockholders will receive $103.40 cash and 0.5152 Anthem common shares for each Cigna share.

The lawsuit claims the deal substantially undervalues Cigna and prevents the company’s directors from considering competing offers. The lawsuit, which is pending in Delaware Chancery Court, further alleges the Anthem takeover deal constitutes a breach of fiduciary duty by Cigna directors, according to the report. 

Cigna isn't the only major insurer facing an investor lawsuit over a recent deal. In July, Humana was hit with an investor class-action lawsuit seeking to block the company from being acquired by Aetna. 

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