Cigna Shares Jump Premarket on Abandoned Humana Pursuit
December 11 2023 - 6:32AM
Dow Jones News
By Colin Kellaher
Shares of Cigna Group rose sharply in premarket trading Monday
after The Wall Street Journal reported that the health insurer had
ended its pursuit of a blockbuster deal to buy Humana and would
instead focus on stock buybacks and smaller acquisitions.
Cigna's efforts to create a $140 billion health-insurance giant
ended after the companies couldn't agree on price and other terms,
The Journal reports, citing people familiar with the matter.
Cigna on Sunday said it would boost its share-repurchase program
by $10 billion and consider bolt-on acquisitions, along with
value-enhancing divestitures.
Cigna shares, which had fallen nearly 10% since The Journal
reported last month that a potential deal was in the works, were
recently up 13% to $293.03 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 11, 2023 06:17 ET (11:17 GMT)
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