Another advisory firm backs Cigna, Express Scripts merger

Cigna Corp. announced Monday that Glass Lewis & Co. is recommending its shareholders vote in favor of the proposed $54 billion acquisition of pharmacy benefits manager Express Scripts.

That’s the second proxy advisory firm to support the deal. Hedge fund Glenview Capital Management, which has stake in Cigna, has also backed the deal.

Last week, billionaire activist investor Carl Icahn, who owns shares in Cigna, publicly announced his opposition to the deal. Icahn owns 0.56 percent of Cigna, and cited regulatory hurdles and the growing threat of Amazon for his stance. Amazon entered the drug distribution market when it bought online pharmacy PillPack in June.

Shareholders of Cigna and Express Script will vote on the merger Aug. 24.

Read more: St. Louis Post-Dispatch


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