Carl Icahn Reportedly Plans To Vote Against Cigna - Express Scripts Deal

(RTTNews) - Activist investor Carl Icahn has built a sizable stake in Cigna Corp. (CI) and plans to vote against the health insurer's $54 billion purchase of Express Scripts Holding Co. (ESRX), the Wall Street Journal reported.

Icahn, whose stake amounts to less than 5% of Cigna's shares outstanding, believes the company is paying too high a price for the pharmacy-benefit manager, which faces threats on a number of fronts, the journal reported citing people familiar with the matter.

Cigna in March agreed to pay what amounted to about $96.03 a share in cash and stock for Express Scripts. In a sign of shareholder fear that the deal won't go through, Express Scripts stock was already trading well below the offer price and fell further after The Wall Street Journal reported on Icahn's stance.