UPDATE: Cigna to buy Express Scripts for $67 billion
Health insurance company Cigna Corp. (CI) said Thursday it will purchase Express Scripts Holding Co. (ESRX) in a cash-and-stock deal worth $67 billion. The agreement includes Cigna's assumption of about $15 billion in Express Scripts's debt. The transaction consists of $48.75 in cash and 0.2434 shares of stock for each Express Scripts share. The deal represents a premium of 31% to Express Script's closing price of $73.42 on Wednesday. Shares of Express Scripts climbed 16% to $85 in premarket trade. Cigna shares were down 5% in scant premarket volume. The Wall Street Journal reported (http://www.marketwatch.com/story/cigna-reportedly-near-deal-to-acquire-express-scripts-2018-03-07) Wednesday, citing people familiar with the matter, that a deal was in the works.
-Carla Mozee; 415-439-6400; AskNewswires@dowjones.com
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