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Icahn going public with opposition to Cigna/Express Scripts deal - WSJ

Published 08/06/2018, 07:49 PM
Updated 08/06/2018, 07:49 PM
© Reuters.  Icahn going public with opposition to Cigna/Express Scripts deal  - WSJ
  • Calling the deal a "$60B folly," Carl Icahn (NYSE:IEP) intends to send an open letter on Thursday urging his fellow Cigna (NYSE:CI) owners to vote against the acquisition of Express Scripts (NASDAQ:ESRX), writes Cara Lombardo in the WSJ.
  • "Cigna is dramatically overpaying for a highly challenged Express Scripts that is facing existential risks on several fronts," says Icahn, referencing Amazon (NASDAQ:AMZN)'s possible entry into the PBM market.
  • Icahn owns about 0.56% of Cigna, or more than $250M worth.
  • The experts say the odds of winning this battle are against Icahn, in part because the August 24 vote means not very much time to rally shareholders to his side.
  • ESRX down 1.1% in after hours action.
  • Previously: ESRX -7.6%, CI +4.2% on report Icahn opposing deal (Aug. 1)
  • Now read: Cigna shareholders unlikely to reject Express Scripts deal - JPMorgan (NYSE:JPM)


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