Sup­port for Cigna takeover

Cape Times - - INTERNATIONAL -

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.

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