Cigna Presents Agnostic Stance Toward Anthem Deal; We Believe Merger Not Likely
Cigna reported a volatile second quarter, but the major development is its agnostic stance toward the merger with Anthem. The firm has stepped back and let Anthem take the lead in terms of seeking to overcome the objections of the Justice Department. Management said it will fulfill all contractual obligations if Anthem is successful with its efforts, but it also is prepared with a strategy if these efforts are not successful. We would highlight that a key part of this contingent strategy include...Anthem is an insurance holding company. Through its subsidiaries, the company is a health benefits company, serving medical members through its affiliated health plans. The company has three segments: Commercial & Specialty Business, which provides fully-insured health products, managed care services to self-funded customers, and other insurance products and services; Government Business, which includes Medicare and Medicaid businesses, its subsidiary, National Government Services, and services provided to the federal government in connection with its Federal Health Products and Services business; and Other, which includes pharmacy benefits management business and integrated health services business.
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