Anthem stands by its $47-billion offer for Cigna despite rival insurer's rejection of the bid

Lifestyle and Budget Associated Press

Anthem says it still backs an approximately $47-billion bid to buy Cigna, a day after the rival health insurer delivered a caustic rejection of Anthem's proposed cash-and-stock offer.

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Anthem CEO Joseph Swedish says the latest deal his company has offered Cigna will provide compelling value for shareholders, and his management team is confident it can deliver on that promise.

The Indianapolis-based Blue Cross-Blue Shield carrier has made several offers to buy Cigna, the most recent amounting to $184 in cash and stock for each Cigna share.

Bloomfield, Connecticut-based Cigna dismissed that offer in a letter sent Sunday to Anthem's board. Cigna said it saw a number of obstacles standing in the way of a deal.

Anthem plans to discuss its offer in a morning conference call.