(Bloomberg) — Cigna Corp. shares surged as much as 19 percent after the health insurer was reported to be a takeover target for Anthem Inc.
Cigna rose to $152.88 at 12:46 p.m. in New York after earlier reaching $164. Anthem has made two takeover bids within the past 10 days for Cigna, which rebuffed the latest offer for about $175 a share, the Wall Street Journal reported, citing people familiar with the discussions.
Jon Sandberg, a spokesman for Cigna, declined to comment. Kristin Binns, a spokeswoman for Anthem, didn't immediately return a phone call or e-mail seeking comment.
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The health-insurance industry is on the cusp of a consolidation wave. Already, Humana Inc. is exploring a sale after being approached by Cigna about a potential deal, Bloomberg News reported last month, citing a person with knowledge of the matter.
Cigna had targeted Humana in part to gain the lead in the market for Medicare Advantage policies, the health insurer-run version of the U.S.'s program to cover the elderly and disabled.
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