Why Carl Icahn Changed His Mind on the Cigna–Express Scripts Deal He Once Called a ‘Travesty’ [Fortune]
EXPRESS SCRIPTS (ESRX)
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Source: Fortune
Activist investor Carl Icahn has dropped his fight to block Cigna Corp.’s $54 billion acquisition of Express Scripts Holding Co. after two prominent shareholder advisory firms came out in support of the deal. Institutional Shareholder Services Inc. and Glass Lewis & Co. last week urged Cigna’s investors to support the takeover, saying it made sense from a financial and strategic perspective. Icahn had opposed the deal , saying it would be a “travesty” if it were to proceed. He sought to block the deal in a proxy fight ahead of a shareholder vote set for Aug. 24. “In light of the ISS and Glass Lewis recommendations in favor of the Cigna/Express Scripts transaction and the significant stockholder overlap between the companies, we have informed the SEC we no longer intend to solicit proxies to vote against the transaction,” Icahn said Monday in a statement. Cigna, based in Bloomfield, Connecticut, agreed in March to the cash-and-stock deal for St. Louis-based Expre
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