Activist investor to vote against $54B Cigna-Express Scripts deal

Carl Icahn, an activist investor, intends to vote against Cigna's proposed $54 billion takeover of Express Scripts, according to The Wall Street Journal.

Here are three things to know:

1. Mr. Icahn has a fairly large stake in Cigna at 5 percent of outstanding shares. He said Cigna's offer for the pharmacy benefit manager is too high. The price equals about $96.03 per share. Express Scripts' shares opened at $79.20 on Aug. 1, according to CNBC.

2. People familiar with the matter told WSJ the deal faces several threats. Mr. Icahn is likely to urge other shareholders to not support the transaction before it heads to a shareholder vote Aug. 24.

3. Cigna CEO David Cordani told analysts during an Aug. 2 earnings call that the deal is in the interest of shareholders. He said the deal will reward drugmakers for outcomes instead of consumption, according to Forbes.

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