Activist investor Carl Icahn, who has built a sizable stake in Cigna (CI), is planning to vote against the company's planned $54B acquisition of Express Scripts (ESRX), The Wall Street Journal reports. According to people familiar with the matter, Icahn, whose stake amounts to less than 5% of Cigna shares outstanding, believes Cigna is paying too much for Express Scripts and the belief that the combined company would have to compete with Amazon (AMZN) and others in the health-care industry. 

Carl Icahn Has Sizable Stake in Cigna, Plans to Vote Against Express Scripts Deal

Activist investor likely to urge other shareholders to vote against $54 billion proposed takeover

By  Cara Lombardo and Dana Mattioli
Updated Aug. 1, 2018 5:09 p.m. ET

Activist investor Carl Icahn has built a sizable stake in Cigna Corp. and plans to vote against the health insurer’s $54 billion purchase of Express Scripts Holding Co., the latest sign of trouble for the planned tie-up.

Mr. Icahn, whose stake amounts to less than 5% of Cigna’s shares outstanding, believes the company is paying too high a price for the pharmacy-benefit manager, which faces threats on a number of fronts, according to people familiar with the matter.

Continue reading at the Wall Street Journal.