NEW YORK, July 27, 2015 /PRNewswire/ -- The fairness of the proposed sale of Cigna Corporation ("CI," or the "Company") to Anthem, Inc. ("Anthem") is being investigated by WeissLaw LLP, a national class action, shareholder rights law firm, for possible breaches of fiduciary duty and other violations of law by the Board of Directors of CI. On July 24, 2015, the Company announced a definitive merger agreement for Anthem to acquire CI in a transaction valued at $54.2 billion. Under the terms of the agreement, CI shareholders will receive $103.40 in cash and 0.5152 shares of Anthem for each CI share they own, implying a per share value of approximately $183.36 based on Anthem's July 23, 2015 closing price.
WeissLaw is investigating whether CI's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $190 per share, or approximately $7.00 above the offer price. Additionally, on July 24, 2015, the same day of the announcement, the Company preliminarily reported positive financial results for the second quarter 2015. It reported expected revenues of approximately $9.5 billion, representing a 9% growth year-over-year.
Given these facts, WeissLaw is investigating the Board's decision to sell CI and whether CI shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own CI shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP