Health insurance giants Anthem and Cigna continue their acrimonious court battle after two federal judges torpedoed a planned merger over antitrust concerns.
Anthem accuses Cigna of sabotaging the proposed $54 billion deal, saying they refused to sign off on documents praising the merger and weren’t enthusiastic about it in public.
During a hearing in Chancery Court Monday, lawyers for Anthem called it “an unprecedented campaign” that exceeds what you would see in a hostile takeover scenario.
Cigna attorneys fought back, saying, “There’s no non-speculative way to get this thing done,” noting two federal judges had ruled against the deal already.
Cigna sued Anthem in February for nearly $15 billion, according to the Washington Post, as part of a breakup agreement. Anthem countersued, noting they were planning to appeal the merger to the U.S. Supreme Court.
Anthem says the deal would save customers more than $2 billion each year in medical costs and be a boon to shareholders, but the two judges say it would lead to higher prices and less competition.
Vice Chancellor Travis Laster said he’d rule “as soon as [he] can.”