Cigna got another supporter of its $52 billion bid for Express Scripts after activist investor Carl Icahn called on shareholders to vote against the deal Aug. 7, according to Reuters.
Glass Lewis & Co. recommended on Aug. 13 that its shareholders vote for the proposed deal. Glass Lewis & Co. is the second proxy advisory firm to support the pending transaction after Institutional Shareholder Services backed the deal on Aug. 10. Hedge fund Glenview Capital Management, which has stake in Cigna, also backed the potential deal.
Glass Lewis said the merger would be strategically and financially advantageous for Cigna shareholders, according to the report. Shareholders are set to vote on the deal Aug. 24.
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