Bloomfield, Conn.-based Cigna said it will operate under the terms of its merger agreement with Indianapolis-based Anthem following a court order temporarily blocking Cigna from unilaterally terminating the transaction.
In a Feb. 15 Securities and Exchange Commission filing, Cigna said it "respects the Chancery Court's decision and will continue to abide by [the] terms of the merger agreement until the Chancery Court further reviews the case."
A hearing regarding Cigna's case is scheduled for the week of April 10. The insurer said it "look[s] forward to more fully briefing the Chancery Court at that time."
Cigna motioned to terminate its merger agreement with Anthem Feb. 14 and filed a lawsuit against the insurer for roughly $14.85 billion. Anthem countersued Cigna Feb. 15 in an attempt to block the payer from terminating their agreement.
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