Carl Icahn has sizable stake in Cigna, plans to vote against Express Scripts deal

Activist investor Carl Icahn has built a sizable stake in Cigna and plans to vote against the insurer's $54 billion acquisition of Express Scripts Holding.

Activist investor Carl Icahn has built a sizable stake in Cigna and plans to vote against the insurer's $54 billion acquisition of Express Scripts Holding. Icahn, whose stake amounts to less than 5% of Cigna's shares outstanding, reportedly believes the company is paying too high a price for the PBM and is leaning toward trying to convince other shareholders to oppose the deal. Cigna and Express Scripts shareholders are set to vote on the deal August 24. A majority of the outstanding shares of both companies must vote for the deal in order for it to close. Icahn has expressed concern that the combined company would have to contend with Amazon.com's growing presence in the health care industry. Meanwhile, the Trump administration has proposed limiting the manufacturer rebates PBMs receive.