Anthem proposes to buy Cigna for $184 per share

IndustriesAssociated Press

U.S. health insurer Anthem Inc. is making an offer to buy rival Cigna Corp. for $54 billion, including debt.

Anthem, based in Indianapolis, said Saturday it's proposing $184 per share, which it says represents a premium to Cigna's stockholders of more than 35.4 percent based on the closing price of Cigna's share on May 28.

Continue Reading Below

Anthem says it has been in talks with Cigna, based in Bloomfield, Conn., to explore a potential combination since August 2014 and said it's making its proposal public Saturday after the companies have not been able to come to an agreement. Anthem says that is has made four different proposals since early June.

Cigna's shares closed down $1.15 per share to $155.25 Friday, while Anthem's shares were down 18 cents to $165.06.