The deal talks ended due to the parties not being able to agree on price, two sources familiar with the situation said. Cigna, however, on Sunday announced plans to do an additional $10 billion in share repurchases, bringing total repurchases to $11.3 billion. Cigna and Humana, which have market values of $77 billion and $59 billion, respectively, currently have business overlap, concentrated in Medicare plans for older Americans. After U.S. courts upheld antitrust challenges in 2017, Anthem -- now known as Elevance Health - gave up on a $48 billion deal to acquire Cigna. Losing the legal battle also caused Aetna -- now owned by pharmacy chain operator CVS Health CVS.N -- to abandon a $37 billion deal to acquire Humana.

Source: Wall Street Journal December 10, 2023 17:52 UTC