Anthem reiterates takeover bid for Cigna

Anthem Inc. (NYSE:ANTM) on Monday reiterated a June 20 bid for Cigna Corp. (NYSE:CI) that Cigna previously rejected -- $184 per share in cash and stock, or $47.4 billion. Anthem said the proposed deal would lead to nearly $2 billion in cost synergies within two years of closing.

In a letter to Anthem's board, Cigna President and CEO David Cordani and Chairman Isaiah Harris wrote that Anthem's June 20 proposal is "inadequate and not in the best interests of Cigna's shareholders," and said the company failed to address Cigna's concerns including Anthem's "lack of a growth strategy" and antitrust actions related to its membership in the Blue Cross Blue Shield Association. ...