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US: Icahn voices opposition to US$54b Cigna-Express Scripts deal

By  |  August 7, 2018

Carl Icahn went public Tuesday morning, August 7, with his campaign against Cigna’s US$54 billion plan to buy Express Scripts. The billionaire activist investor sent an open letter urging fellow Cigna shareholders to vote against the deal.

Icahn called the deal a “$60 billion folly” carrying a “ridiculous” price tag, according to a draft seen by The Wall Street Journal.

CPI previously reported that Mr. Icahn bought a sizable Cigna stake, plans to vote against the health insurer’s proposed purchase of the pharmacy-benefit manager, and was considering publicly airing his concerns to persuade other shareholders to do the same.

His concerns include competitive risk from Amazon and indications from the Trump administration that it could limit the manufacturer rebates pharmacy-benefit managers get.

Full Content: The Wall Street Journal

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