By Linda Chiem (July 23, 2015, 7:48 PM EDT) -- In another deal that would further consolidate the U.S. health insurance market, Anthem Inc. is set to announce this week that it will buy Cigna Corp. for more than $48 billion, The Wall Street Journal reported late Wednesday. Indianapolis-based Anthem is expected to pay about $188 a share for Cigna, The Journal said. The companies have been doing the merger dance since last month when Cigna reportedly rejected an earlier bid worth about $175 per share from Anthem, only to have Anthem forge ahead. The tie-up would continue a wave of consolidation in the U.S. health insurance market and would be bigger than the $37 billion proposed merger between rival health insurers Aetna Inc. and Humana Inc. announced earlier this month. The deal would shrink the five largest U.S. health insurers down to just three and is likely to come up against heavy antitrust scrutiny, according to the report....
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