August 13, 2018 / 10:46 AM / a year ago

Cigna-Express Scripts deal gets backing from another proxy firm

Aug 13 (Reuters) - Cigna Corp said Glass Lewis & Co on Monday recommended its shareholders vote in favour for the proposed $52 billion acquisition of pharmacy benefits manager Express Scripts, the second proxy advisory firm to support the deal.

Billionaire activist investor Carl Icahn, who owns shares in Cigna, opposes the deal. However, hedge fund Glenview Capital Management, which also has a stake in the health insurer, has backed the deal.

On Friday, Institutional Shareholder Services Inc (ISS) had extended support to the deal.

Glass Lewis found the merger to be strategically and financially compelling for Cigna shareholders, the health insurer said in a statement.

Carl Icahn, who has a 0.56 percent stake in Cigna, made his opposition public last week, citing regulatory hurdles and the growing threat from Amazon.

The shareholder vote is set for Aug. 24. (Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber)

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