Icahn to send letter to oppose Cigna-Express Scripts deal - WSJ

Investor Carl Icahn will send an open letter to the shareholders of insurer Cigna Corp asking them to vote against the company`s $52 billion Express Scripts Holding Co buyout, the Wall Street Journal reported on Monday, citing a draft of the letter.

Icahn and his affiliates own about 0.56 percent of Cigna, which is worth over $250 million as of Monday`s market close, the Journal reported, citing people familiar with the matter. https://on.wsj.com/2voopWB

"Cigna is dramatically overpaying for a highly challenged Express Scripts that is facing existential risks on several fronts," said the letter, which the newspaper reported would be made public on Tuesday.

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Express Scripts spokesman Brian Henry told Reuters on Monday that the company remained confident in the deal. Cigna and a representative for Icahn did not respond to a request for comment outside regular business hours.

Investors have expressed concern over the Cigna-Express Scripts deal because of the growing presence of Amazon.com in the healthcare sector and U.S. President Donald Trump`s push to cut rebates from drugmakers to pharmacy benefit managers.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)