NEW YORK – A court has granted Blue Cross-Blue Shield carrier Anthem a restraining order to block its smaller rival Cigna from terminating a buyout deal, which has already been blocked by a federal judge.
The two companies announced Anthem's plan to buy Cigna in 2015. But, antitrust pushback from judges has severely hampered the deal's chances of moving through to completion.
Cigna had sued to terminate the $48 billion deal, accusing Anthem of breaching the agreement. Anthem then asked for a restraining order to block it from doing so, and has said there is still time to find a "viable path forward" for completing the buyout.
Cigna has said there is no viable way to complete the deal.
A hearing is scheduled for the week of April 10 in the Delaware Chancery Court.