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Chancery Court rejects Anthem injunction

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A proposed merger between Anthem and Cigna is on life support after a Delaware judge denied an injunction that would’ve kept the deal open.

 

According to Reuters, Chancellor Travis Laster denied Anthem’s request that would’ve forbid Cigna from trying to back out of the merger.

 

Two federal judges had already denied the deal over antitrust concerns. Anthem has appealed those rulings to the U.S. Supreme Court.

 

Reuters says Laster’s ruling won’t go into effect until Monday, leaving them time to appeal his decision to the Delaware Supreme Court.

 

During a hearing Monday, Anthem claimed Cigna tried to torpedo the proposed $54 billion merger behind the scenes.

 

But Cigna says Anthem marched ahead with a failed strategy that had little chance to win federal regulatory approval.

 

Cigna’s now trying to grab nearly $15 billion in damages over the breakup through a lawsuit filed in February, according to the Washington Post.

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