Cigna Extends Termination Date for Express Scripts Deal -- Update

   By Josh Beckerman 
 

Cigna Corp. (CI) and Express Scripts Holding Co. (ESRX) have agreed to extend the termination date of their merger to June 8 from Dec. 8.

Cigna's cash-and-stock purchase of Express Scripts was valued at $54 billion when announced in March.

In a filing Friday, Cigna said "based on the information currently available," the companies agree that the deal's effective time isn't expected to occur by Dec. 8. They still expect the transaction will close in 2018.

Earlier Friday, a New York state regulator scheduled a Dec. 7 public hearing about the deal. The Department of Financial Services said the meeting "will provide an opportunity for all stakeholders to comment on the potential impacts on consumers and the insurance marketplace."

The transaction has received all necessary state approvals other than New York, California and New Jersey. The U.S. Justice Department approved it in September.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

November 21, 2018 17:52 ET (22:52 GMT)

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