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Quarrels have broken out behind the scenes of Anthem (ANTM) $48 billion proposed acquisition of Cigna (CI)as the health insurers seek regulatory approval for their landmark deal, according to a series of letters reviewed by The Wall Street Journal.
People on both sides say the squabbles could delay or derail antitrust approvals, which are typically harder to obtain if both parties aren’t in sync. While neither company has sought to terminate the merger, the people say, and it doesn’t appear in danger of imminent collapse, Anthem and Cigna are bickering on several fronts.
In the correspondence, between top officials including their chief executives, Anthem and Cigna accuse each other of violating the July merger agreement and fumbling submissions to regulators. The finger-pointing—over matters large and small—reflects rancor that is unusual even in the cutthroat world of corporate takeovers.
