Anthem (ANTM) made the first public move, unveiling a $47 billion takeover bid for Cigna (CI) on Saturday after months of negotiations had stalled. On Sunday, Cigna fired back, rejecting the bid as inadequate and not in the best interest of Cigna’s shareholders. Cigna has balked at Anthem’s takeover approaches in large part because of corporate governance issues, and, in particular, who would run the combined insurer. In a statement published on Saturday, Anthem said that Cigna had pushed for its chief executive, David Cordani, to lead the merged company immediately, even though the smaller insurer would effectively be acquired in the contemplated deal. A scramble has broken out within the industry as various providers jockey for position and make overtures to rivals.
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