Carl Icahn is going public with his campaign to scuttle Cigna Corp.’s CI, +0.22% $54 billion plan to buy Express Scripts Holding Co. ESRX, +2.76%
The billionaire activist investor sent an open letter Tuesday urging fellow Cigna shareholders to vote against the deal, which he calls a “$60 billion folly” carrying a “ridiculous” price tag. The Wall Street Journal reported on the forthcoming letter Monday.
“Cigna is dramatically overpaying for a highly challenged Express Scripts that is facing existential risks on several fronts,” Icahn wrote.
The Journal previously reported that Icahn bought a sizable Cigna stake, plans to vote against the health insurer’s proposed purchase of the pharmacy-benefit manager and was considering publicly airing his concerns to persuade other shareholders to do the same.
An expanded version of this report appears on WSJ.com.
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