|Bid||181.20 x 1100|
|Ask||184.00 x 900|
|Day's Range||181.27 - 182.80|
|52 Week Range||163.02 - 227.13|
|PE Ratio (TTM)||17.78|
|Earnings Date||Nov 1, 2018|
|Forward Dividend & Yield||0.04 (0.02%)|
|1y Target Est||222.59|
The octogenarian investor originally opposed the deal due to the competitive risk Express Scripts and Cigna now face from Amazon.
Shares of Express Scripts are moving higher before the opening bell after activist investor Carl Icahn ended a short-lived fight to scuttle Cigna's takeover of the pharmacy benefit manager. Icahn said late Monday that he'll end his campaign to convince Cigna shareholders to vote against the roughly $52-billion deal this month. Icahn argued in a lengthy letter to fellow shareholders last week that Cigna was "dramatically overpaying" for Express Scripts.
Investor Carl Icahn will stop his efforts to fight Cigna's pending $54 billion acquisition of St. Louis-based Express Scripts Holding Co.
U.S. stock futures rose on Tuesday, Aug. 14, as investors cautiously returned to risk markets amid a stabilization in Turkey's currency crisis. Turkey's lira, which has been at the center of a one-week currency crisis that has rippled through financial markets all over the world, gained around 3% against the U.S. dollar in overnight trading. Indications were that moves by Turkey's central bank to stem the lira's decline likely will hold the currency in place while President Recep Tayyip Erdoğan negotiates the potential release of the American evangelical pastor Andrew Brunson, whom Ankara has accused of being involved in a failed 2016 coup.
to Cigna’s $67bn acquisition of Express Scripts, only a week after launching a withering attack that branded the deal “inexplicably ridiculous”. Mr Icahn’s climbdown ahead of a shareholder vote on August 24 follows expressions of support for the deal from the influential proxy advisers ISS and Glass Lewis, as well as backing for the takeover from Larry Robbins’s Glenview Capital Management hedge fund. Previously short Express Scripts stock, Mr Icahn said last week that “the only shareholders we believe would vote for this very risky acquisition are those who also own Express Scripts and are desperate to save it even at the expense of losing a great deal of value in their Cigna investment”.
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Carl Icahn no longer plans to solicit votes from Cigna Corp. shareholders against the health insurer’s $54 billion deal to buy Express Scripts Holding Co. after two proxy-advisory firms recommended shareholders support the deal, the billionaire activist investor said in a statement Monday. It called his opposition “misguided and shortsighted” in a statement last week.
Icahn's comments come after proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services Inc (ISS), as well as hedge fund Glenview Capital Management, extended their support for the deal. "In light of the ISS and Glass Lewis recommendations in favor of the Cigna/Express Scripts transaction and the significant stockholder overlap between the two companies, we have informed the SEC (U.S. Securities and Exchange Commission) that we no longer intend to solicit proxies to vote against the transaction," Icahn said in a statement. The billionaire investor, who has a long position on Cigna and a short position on Express Scripts, has been vocal in his criticism of the deal and last week said Cigna (CI.N) was overpaying for Express Scripts (ESRX.O).
Icahn's comments come after proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services Inc (ISS), as well as hedge fund Glenview Capital Management, extended their support for the deal. "In light of the ISS and Glass Lewis recommendations in favour of the Cigna/Express Scripts transaction and the significant stockholder overlap between the two companies, we have informed the SEC (U.S. Securities and Exchange Commission) that we no longer intend to solicit proxies to vote against the transaction," Icahn said in a statement.
Activist investor Carl Icahn has dropped his fight to block Cigna Corp.’s $54 billion acquisition of Express Scripts Holding Co. after two prominent shareholder advisory firms came out in support of the deal. Institutional Shareholder Services Inc. and Glass Lewis & Co. last week urged Cigna’s investors to support the takeover, saying it made sense from a financial and strategic perspective. Icahn had opposed the deal, saying it would be a “travesty” if it were to proceed.
Two proxy advisory firms have recommended that Express Scripts' and Cigna's shareholders vote in favor of their pending $54 billion merger.