A Second Leading Independent Proxy Advisory Firm Glass Lewis Recommends Cigna Shareholders Vote “FOR” Acquisition Of Express Scripts
Glass Lewis Joins ISS in Recommending Cigna Shareholders Vote for the Express Scripts Acquisition
Cigna Reminds Shareholders to Vote “FOR” the Transformative Combination Today
[REITs]
Q2 hedge fund letters, conference, scoops etc
BLOOMFIELD, Conn.–(BUSINESS WIRE)–Cigna Corporation (NYSE:CI) (“Cigna” or the “Company”) announced that independent proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) has joined Institutional Shareholder Services (“ISS”) in recommending that Cigna shareholders vote to approve the proposed acquisition of Express Scripts (NASDAQ:ESRX) at the Company’s upcoming special meeting scheduled for August 24, 2018.
“We welcome the favorable recommendations from both Glass Lewis and ISS as momentum continues to build in support of our merger with Express Scripts,” said David M. Cordani, Cigna President and Chief Executive Officer. “Their recommendations underscore the significant shareholder value that this transformative merger will deliver in a highly dynamic market environment.”
As support for its favorable recommendation, Glass Lewis noted the following:
- “…[W]e find the proposed merger both strategically and financially compelling, structured in a reasonable manner from a valuation standpoint for Cigna shareholders.”
- “The merger represents an attractive opportunity to create a more diverse and integrated business model in the evolving health care services industry which will be better positioned to serve consumers, adapt to competitive and structural challenges, respond to regulatory changes, capitalize on growth opportunities and potentially realize significant incremental cost savings and operational efficiencies.”
- “Factoring in the significant synergy potential and earnings accretion forecasted by Cigna, we believe the merger represents an attractive value proposition for Cigna and its shareholders.”
- “We also have confidence in the combined management team to navigate the evolving health care industry while drawing upon their transaction integration experience with the objective of delivering accretive returns for shareholders.”
- “Based on these factors, along with the support of the board, we believe the proposed stock issuance for the merger is in the best interests of shareholders.”
The Cigna Board of Directors encourages Cigna shareholders to vote “FOR” the proposal to adopt the merger agreement at the special meeting.
Cigna’s special meeting of shareholders is scheduled to take place on Friday, August 24, 2018, at 9:30 a.m., Eastern Time. Cigna shareholders of record at the close of business on July 10, 2018 will be entitled to vote at the special meeting.
If shareholders have questions about the transaction, or need assistance in voting shares, please contact Cigna’s proxy solicitor, Innisfree M&A Incorporated: toll-free at (877) 750-9498. Additional materials addressing the Express Scripts transaction, including more information on the strong strategic rationale and expected financial results, are available on Cigna and Express Scripts’ joint transaction website: http://www.advancinghealthcare.com.
About Cigna
Cigna Corporation (NYSE:CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Life Insurance Company of North America, Cigna Life Insurance Company of New York, or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in over 30 countries and jurisdictions, and has more than 95 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com. For more information about Cigna’s proposed acquisition of Express Scripts, please visit www.advancinghealthcare.com.
