INDIANAPOLIS (AP) — Health insurer Anthem is not ready to give up its $48-billlion bid for rival Cigna and now hopes to find a favorable audience in the U.S. Supreme Court.
The Blue Cross-Blue Shield insurer is asking the court to review last week’s rejection by a federal appeals court.
That court upheld a federal judge’s ruling that said the deal would further reduce competition in an already concentrated insurance market. The ruling was made earlier this year after regulators sued last summer to block the deal.
Even Cigna Corp. wants this deal to go away. The insurer has sued Anthem and is seeking billions of dollars in damages.
But Indianapolis-based Anthem Inc. says it hopes “1960s-era merger precedents” that the courts relied upon for their decision can be updated to reflect “the modern understanding of economics and consumer benefit.”
Anthem announced its Cigna bid in 2015.
It has touted the deal as a way to help the companies negotiate better prices with pharmaceutical companies, hospitals and doctor groups.
The company also has said the acquisition would help cut expenses and add more customers, which allows insurers to spread out the cost of investing in technology to manage and improve care.
But critics that include doctor and consumer groups aren’t comfortable with giving an insurer the power and leverage that would come from a huge acquisition. They have argued that this combination will lead to fewer choices for insurance shoppers.
- Posted May 09, 2017
- Tweet This | Share on Facebook
Anthem asks high court to review blocked Cigna deal
headlines Macomb
headlines National
- Lucy Lang, NY inspector general, has always wanted rules evenly applied
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- 2024 Year in Review: Integrated legal AI and more effective case management
- How to ensure your legal team is well-prepared for the shifting privacy landscape
- Judge denies bid by former Duane Morris partner to stop his wife’s funeral
- Attorney discipline records short of disbarment would be expunged after 8 years under state bar plan