Carl Icahn Says He Won't Solicit Votes Against Cigna - Express Scripts Merger

(RTTNews) - Carl Icahn no longer plans to solicit votes from Cigna Corp. (CI) shareholders against the health insurer's deal to buy Express Scripts Holding Co. (ESRX) after two proxy-advisory firms recommended shareholders support the deal, the billionaire activist investor said in a statement Monday.

"In light of the ISS and Glass Lewis recommendations in favor of the Cigna/Express Scripts transaction and the significant stockholder overlap between the two companies, we have informed the SEC that we no longer intend to solicit proxies to vote against the transaction," Icahn said.

Last week, Carl Icahn urged Cigna shareholders to vote against the health insurer's acquisition of Express Scripts Holding Co., saying that Cigna was "dramatically overpaying for a highly challenged Express Scripts that was facing existential risks on several fronts.

In March, Cigna agreed to acquire Express Scripts in a cash and stock transaction valued at about $67 billion, including Cigna's assumption of about $15 billion in Express Scripts debt.