Activist investor Carl Icahn, founder of Icahn Enterprises (IEP), has built a large stake in Cigna (CI) and intends to vote against the insurer’s $54B proposed acquisition of Express Scripts (ESRX), the Wall Street Journal reports, citing people familiar with the matter. Icahn, whose stake amounts to less than 5% of the company’s outstanding shares, believes Cigna is paying too high a price for Express Scripts, the report says. Icahn is leaning toward attempting to convince other investors to oppose the deal as well, the report notes. Shares of Express Scripts are down 6.3% after the news.
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