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. [1] In its sprawling 306-page opinion, the court detailed a “corporate soap opera” in which the parties’ “battle for power spanned multiple acts.” [2] 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,
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The 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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