Another prominent advisory firm has recommended that Indianapolis-based Anthem Inc. (NYSE: ANTM) shareholders approve the $54 billion acquisition of Cigna Corp. (NYSE: CI). Glass Lewis & Co. joins Institutional Shareholder Services and Egan-Jones Proxy Services in supporting the deal.
Anthem Chief Executive Officer Joe Swedish says the acquisition will result in a combined operation "that will be uniquely positioned to meet the challenges of the unprecedented transformation in health care." He says the two businesses are "highly-complementary with limited overlap" in their operation footprints.
Anthem will hold a special shareholders meeting on Thursday, December 3 at 8:00 a.m. in Indianapolis to vote on the acquisition. Anthem’s board of directors is recommending shareholders vote for the proposal. The pending merger would result in a combined company with an estimated revenue of $115 billion and 53 million members. The companies expect it to close in the second half of next year.