Anthem moves to keep Cigna in $54B merger contract beyond the agreement's deadline

Indianapolis-based Anthem moved to block Bloomfield, Conn.-based Cigna from ending their $54 billion merger agreement on April 30, when the contract is set to expire, according to a Law360 report.

Anthem filed the motion in Delaware's Chancery Court April 19. According to a brief obtained by Law360, a hearing is slated for May 8 regarding the preliminary injunction.  

Under the payers' acquisition agreement, Anthem owes Cigna a $1.85 billion breakup fee if the payers don't complete a merger by April 30. A federal appeals court has yet to rule on the companies' appeal of the DOJ's February decision to block their deal. 

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