Finance History|11 Wall Street — ESRX Stopped and a New CI Opened
· 2018-12
Unreviewed contributionBy kevin · · Report an issue
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Finance History|11 Wall Street — ESRX Stopped and a New CI Opened
kevin
People treat Cigna as a Bloomfield health-service house that always printed CI.
The 2018 combination created a new parent. Old Cigna common and Express Scripts common both stopped.
Cigna's Form 8-K recorded that the mergers closed on 20 December 2018.
Old Cigna stock would cease on the New York Stock Exchange, and Express Scripts stock would cease on Nasdaq, before the open on 21 December 2018.
New Cigna common would commence on the New York Stock Exchange that morning under CI.
The company's 20 December 2018 release said each old Cigna share became one New Cigna share.
Each Express Scripts share became 0.2434 of a New Cigna share plus 48.75 dollars in cash.
Immediately after closing, former Cigna holders owned about 64 percent of the new parent and former Express Scripts holders about 36 percent.
Reuters, the same day, described the purchase of Express Scripts as a 54 billion dollar deal.
The mechanism is a holdco combination that recycled a familiar ticker.
CI holders who did nothing still held CI, but the issuer under that symbol was a new Delaware parent that now owned both the insurer and the pharmacy-benefit manager.
The pin is the Broad Street facade of the Exchange, where the new CI opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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