Anthem terminated its potential merger with Cigna on May 12 following a May 11 ruling by the Delaware Court of Chancery denying Anthem's preliminary injunction request, according to an Anthem press release.
Here's what you should know.
1. In the release, Anthem alleges Cigna "failed to perform and comply in all material respects with its contractual obligations." Citing that, Anthem is refusing to pay the merger termination fee.
2. Anthem alleges Cigna repeatedly violated the merger agreement to sabotage the transaction.
3. Because of the alleged sabotage and its related damages to Anthem, the company is going to vigorously pursue legal action against Cigna.
Anthem concludes, "Moving forward, Anthem will remain focused on serving as America's valued health partner, delivering superior health care services to our more than 40 million members with greater value at less cost."
4. Cigna has yet to respond to Anthem.