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Glass Lewis Recommends Express Scripts Stockholders Vote 'FOR' Merger With Cigna

Express Scripts (ESRX) said that Glass, Lewis & Co., LLC, an independent proxy advisory firm, has recommended that Express Scripts stockholders vote "FOR" Express Scripts' merger agreement with Cigna (CI) at Express Scripts' upcoming special meeting of stockholders scheduled for August 24, 2018.

In its report dated August 10, 2018, Glass Lewis said, "In our view, the proposed Cigna/Express Scripts merger is based on sound strategic and financial logic and, in light of management's projections and other considerations, reasonably likely to generate significant value for shareholders of both Cigna and Express Scripts."

The transaction is expected to be completed by December 31, 2018. It remains subject to the approval of Cigna and Express Scripts stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

Separately, Cigna announced that Glass Lewis & Co. has joined Institutional Shareholder Services in recommending that Cigna shareholders vote to approve the proposed acquisition of Express Scripts at the Company's upcoming special meeting scheduled for August 24, 2018.

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