On August 31, 2020, the Delaware Chancery Court issued an opinion in litigation between Anthem and Cigna related to the contract in their terminated merger.  In its sprawling 306-page opinion, the court detailed a “corporate soap opera” in which the parties’ “battle for power spanned multiple acts.”  Ultimately resulting in a draw, with neither party receiving any compensation, the opinion exemplifies the importance of involving antitrust counsel in all aspects of a transaction that may raise regulatory scrutiny from antitrust authorities. In complicated transactions such as the Anthem/Cigna merger, antitrust strategy must be accounted for from the very beginning, including during initial negotiations, board and management advisory meetings, the drafting of the merger agreement,
The US State of Delaware Chancery Court issues an opinion in litigation between two health-insurance giants over a failed merger and confirms that neither is entitled to damages (Anthem / Cigna)
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