Support for Cigna takeover

ANOTHER prominent shareholder advisory firm has come out in support of Cigna’s $54 billion (R757.53bn) takeover of pharmacy benefits manager Express Scripts Holding, dealing another blow to activist investor Carl Icahn’s efforts to block the transaction. Glass Lewis & Company urged Cigna shareholders to vote in favour of the deal at an August 24 shareholder meeting, despite the billionaire investor’s arguments that the takeover would be a “travesty.” “We find the proposed merger both strategically and financially compelling, structured in a reasonable manner from a valuation standpoint for Cigna shareholders,” Glass Lewis said in its report late on Friday. The recommendation is in line with that of Institutional Shareholder Services’ support of the deal.