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CI

Cigna

$185.13

-4.36 (-2.30%)

, ESRX

Express Scripts

$81.74

2.83 (3.59%)

16:01
08/09/18
08/09
16:01
08/09/18
16:01

Cigna reiterates continued support for proposed Express Scripts merger

Cigna Corporation (CI) issued the following letter to stockholders in response to the second letter released by Carl C. Icahn about the company's proposed merger with Express Scripts Holding Company (ESRX). "Dear Cigna Shareholders: This morning Carl Icahn released a second letter in opposition of our combination with Express Scripts. Given Mr. Icahn continues to spread innuendos and false information about the transaction, our Board of Directors and management team wants to set the record straight once again for our shareholders. Cigna, over the past 8 years of regulatory and competitive disruption, has a proven track record of delivering outstanding value for clients, customers and shareholders - including 384% cumulative total shareholder returns from December 31, 2009 through June 30, 2018. Our combination with Express Scripts represents a strategically and financially attractive path to continue to drive value for clients and customers in close coordination with our physician partners and, as a result, deliver outstanding value to our shareholders. Our combination will lower costs and improve quality - a goal around which everyone should be aligned. Cigna has been clear about the expectation that cost improvements from the combination will flow directly to clients and customers, while administrative cost savings will flow to our shareholders - creating value for all stakeholders. We also disagree in the strongest possible terms with Mr. Icahn's assertions that the failure of the combination would advance the greater good of society. Cigna and Express Scripts have always taken our societal responsibilities extremely seriously, and have provided extensive illustrative materials of the benefits we believe this combination would bring. We have not seen a single compelling piece of evidence advanced by Mr. Icahn to the contrary. Our combination with Express Scripts will be transformational in the industry by combining two leading health care services companies that together will have the capabilities, financial flexibility, reach and expansion opportunities to create significant and immediate value for clients, customers and shareholders."

CI

Cigna

$185.13

-4.36 (-2.30%)

ESRX

Express Scripts

$81.74

2.83 (3.59%)

  • 24

    Aug

  • 24

    Aug

CI Cigna
$185.13

-4.36 (-2.30%)

08/02/18
SBSH
08/02/18
NO CHANGE
SBSH
Vote against Express Scripts deal 'somewhat shortsighted,' says Citi
Citi analyst Ralph Giacobbe believes a vote against Cigna's (CI) proposed acquisition of Express Scripts (ESRX), which the Wall Street Journal reported that activist Carl Icahn will push for, could prove "somewhat shortsighted given the changing and evolving healthcare landscape and the integrated offering and cash flow that a combined entity would generate to compete more effectively." The analyst says that regardless of the outcome, he remains positive on Cigna shares. The company's model should continue to drive growth without Express Scripts, and potentially enhance growth with the deal, Giacobbe tells investors in a research note. He keeps a Buy rating on Cigna.
08/02/18
JPMS
08/02/18
NO CHANGE
JPMS
Overweight
Cigna holders unlikely to vote down Express Scripts deal, says JPMorgan
While Cigna (CI) shares have underperformed peers since the deal for Express Scripts (ESRX) was announced in March, shareholders are unlikely to vote down the transaction, JPMorgan analyst Gary Taylor tells investors in a research note after the Wall Street Journal reported that Carl Icahn has built a stake and will push for voting against the deal. The analyst admits the market is taking a more negative view, as Express Scripts' 16% spread to offer value widened to 25% yesterday. Taylor believes few shareholders have questioned the strategic rational of the merger. He believes, however, that some of Icahn's points could resonate with bears in the near-term. The analyst keeps an Overweight rating on Cigna.
08/03/18
RHCO
08/03/18
NO CHANGE
Target $244
RHCO
Buy
Cigna price target raised to $244 from $220 at SunTrust
SunTrust analyst David MacDonald raised his price target on Cigna (CI) to $244 and kept his Buy rating after its "strong" Q2 results showed a "sizable" earnings beat across its business lines and lower expected medical cost trends. The analyst also maintains his bullish view on the pending Express Scripts (ESRX) deal, stating that the potential benefits of the combination are underappreciated give the strong momentum of the latter heading into 2019. MacDonald contends that investors' merger related concerns are "misplaced" and also sees Cigna valuation as "compelling".
08/07/18
LEHM
08/07/18
NO CHANGE
LEHM
Overweight
Cigna shares have upside with deal or no deal, says Barclays
Barclays analyst Steve Valiquette sees upside in shares of Cigna (CI) no matter the outcome of the shareholder vote on August 24 relating to its proposed acquisition of Express Scripts (ESRX). Under a deal break scenario, Cigna should trade at a multiple relatively in-line to diversified peer Anthem (ANTM), implying a fair value of $215, Valiquette tells investors in a research note. If the deal is approved, the analyst sees Cigna shares falling to $180 in the near term. However, his sum-of-the-parts analysis yields a current fair value of $213 per share. As such, the analyst sees upside potential on Cigna in both merger vote scenarios. Valiquette keeps an Overweight rating on the shares.
ESRX Express Scripts
$81.74

2.83 (3.59%)

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