Cigna Offers 15M Shares To Fund $4B HealthSpring Buy

Law360, New York (November 16, 2011, 7:18 PM EST) -- Health Insurer Cigna Corp. is offering 15 million shares of common stock to help fund a planned acquisition of Medicare carrier HealthSpring Inc. for roughly $3.8 billion, it said Wednesday.

Cigna revealed the common stock offering in a regulatory filing, along with a number caveats. The insurer noted that proposed class actions had been filed against it and HealthSpring in the Chancery Court for Williamson County, Tenn. and the Delaware Court of Chancery over the deal.

“While Cigna intends to vigorously defend against these lawsuits and...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.