Cigna rejects rival Anthem’s purchase offer

Health insurer Cigna has rejected a $47 billion offer to be acquired by its larger rival, Anthem.

Cigna’s board says the proposal is inadequate and not in the interests of its shareholders, according to a letter released Sunday by Cigna, which is based in Bloomfield, Conn. Anthem has had talks with Cigna about a deal since last year. After failing to reach agreement on earlier proposals, Indianapolis-based Anthem went public with its latest offer Saturday.