Health insurer Cigna said its shareholders Friday morning approved the company’s proposed $67 billion purchase of pharmacy benefits manager Express Scripts.
During a special meeting Friday, about 90% of shareholders approved the merger agreement despite recent pushback from activist shareholder Carl Icahn and Sen. Chuck Grassley from Iowa, the top Republican on the Senate Judiciary Committee.
“Our combined company will enhance Cigna’s differentiated service-based model, fueled by actionable insights and analytics, to drive innovation and meaningful growth in a highly dynamic market environment,” Cigna CEO David Cordani said in a statement. “As a result, we will build more effective partnerships, further improve health outcomes and deliver a superior customer experience.”
The US Department of Justice is performing an antitrust review of the proposed merger, which is expected to be completed later this year. Cigna said it expects the deal, subject to customary closing conditions and regulatory approvals, to close by year-end 2018.
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