Noted investor Carl Icahn has a significant stake in Cigna and wants to block the company's Express Scripts acquisition, according to a CNBC report.
Here's what you should know:
1. Cigna made a $54 billion bid for Express Scripts in March. Sources familiar with the investor told the Wall Street Journal Mr. Icahn plans to vote against the acquisition, CNBC reports..
2. Cigna is paying Express Scripts shareholders $96.03 per share, which he feels is too high.
3. Express Scripts is currently trading at $79.20 per share.
4. Mr. Icahn holds about 5 percent of Cigna. He is attempting to convince other shareholders to vote against the deal with him.
5. Analysts are already fearful the deal could be met with regulatory scrutiny, which could be suppressing current share price. To that point, California's Insurance Commissioner urged the U.S. Department of Justice to block the deal.