Health insurer Cigna to buy Express Scripts for about $54 billion

The move follows the $69-billion merger of insurer Aetna Inc (AET.N) and one of Express Scripts’ biggest rivals, CVS Health Corp (CVS.N), announced last December. Cigna’s offer consists of $48.75 in cash and 0.2434 shares of stock of the combined company for each Express Scripts share, amounting to $96.03 per share.