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Another advisory firm endorses Cigna-Express Scripts merger

Glass Lewis & Co. recommended that shareholders vote to approve health insurer Cigna Corp.'s $54 billion acquisition of Express Scripts Holding Co., making it the second shareholder advisory firm to support the deal, Bloomberg News reported Aug. 11.

Glass Lewis' recommendation follows that of Institutional Shareholder Services, which also backed the merger. In contrast, activist investor Carl Icahn is encouraging Cigna shareholders to vote against the deal, calling it a "travesty."

"We find the proposed merger both strategically and financially compelling, structured in a reasonable manner from a valuation standpoint for Cigna shareholders," Glass Lewis said in an Aug. 10 report.

Cigna shareholders are set to vote on the deal Aug. 24.