Anthem gives up Cigna bid, vows to fight on over damages
INDIANAPOLIS — Anthem is finally ending its soured, $48 billion bid to buy rival Cigna, but the nation’s second-largest health insurer isn’t giving up a fight over whether Cigna deserves a termination fee for the scrapped deal.
Anthem says Cigna sabotaged the merger agreement and caused “massive damages” for Anthem, which provides Blue Cross-Blue Shield coverage in several states.
The Indianapolis-based insurer announced its decision Friday, a day after a Delaware judge refused its request to extend a ban blocking Cigna from pulling out of the deal.
The deal, announced in 2015, has already been rejected by a federal judge and an appeals court. Anthem Inc. said last week that it would seek a Supreme Court review of the case.
Cigna has sought a $1.85 billion termination fee and damages from Anthem.