Shares of Express Scripts rebounded about 5 percent Thursday after health insurer Cigna said it remained confident that it will win shareholder approval of a $54 billion acquisition of Express Scripts, the St. Louis County-based pharmacy benefits manager.
That assertion comes after reports that Carl Icahn, the famed activist investor, had taken a significant stake in Cigna and planned to oppose the deal.
The Wall Street Journal reported Wednesday that Icahn believes Cigna is paying too much for Express Scripts. Some observers have expressed concerns about the acquisition due to factors including Amazon’s entry into the health care sector and President Donald Trump’s outspoken criticism of the rising costs of prescription medications.
Despite Icahn’s moves, analysts generally do not expect shareholders to reject the deal, which was first announced in March.
The vote is scheduled for Aug. 24.