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Cigna calls Anthem's offer 'inadequate'


    (Reuters) - Cigna Corp said on Sunday that Anthem Inc's "highly conditional, non-binding proposal" is inadequate and that it is not in the best interest of Cigna shareholders.

    On Saturday ANTHEM (ANTM.NY)aid it had offered $47 billion in cash and stock for Cigna, its smaller rival.

    In a letter to Anthem's board, CIGNA (CI.NY)aid it was "deeply disappointed" with Anthem's recent actions.

    (Reporting by Jennifer Saba in New York; Editing by Nick Zieminski)