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A five-way takeover frenzy broke out into the open over the weekend, with Anthem Inc. taking its $47.5 billion bid to buy Cigna Corp. public in a contentious move that shows the pressure the big health insurers are under to quickly find merger partners. (Cimilluca, Mattiol and Hoffman, 6/21)

Anthem went public this weekend with its bid to take over Cigna -- and Cigna just as publicly said, No thanks! In a harshly worded letter to Anthem released late Sunday, Cigna called Anthem's offer "inadequate" and accused Anthem of refusing to address key issues raised in recent talks between the companies. (Wattles, 6/21)

Health insurer Cigna Corp rebuffed Anthem Inc's $47 billion merger proposal on Sunday, saying it was "deeply disappointed" with Anthem's recent actions and the offer was not in the best interest of shareholders. Anthem's offer for smaller rival Cigna is part of a daisy chain of potential deals in the health insurance sector. The biggest players are seeking acquisitions to boost membership in government-paid healthcare plans and employer-based insurance. The bigger the insurer, the more negotiating power it has with prices and improving its doctor networks. (Saba, 6/22)

In a fiery response, Cigna Corp. rejected a $54-billion takeover bid from Anthem Inc. and unleashed several criticisms of the health insurance giant. Cigna said Sunday that the $184-a-share offer was inadequate and not in the best interests of its shareholders. The nation's fifth-largest health insurer expressed frustration with Anthem taking its private negotiations public a day earlier and for failing to address key issues such as the fallout from a massive data breach at Anthem this year. (Terhune, 6/21)

Health insurance firm Cigna (CI) has turned down a $54 billion bid offered by larger rival Anthem. The most recent offer, which Anthem said was of $184 per share in cash and stock, "is inadequate and not in the best interests of Cigna's shareholders," said Cigna Corp. president and CEO David Cordani and the company's chairman of the board Isaiah Harris in a letter sent to Anthem's board of directors in Indianapolis. (Snider, 6/21)

The world of American health insurance may soon become even smaller, with the biggest companies seeking to become even bigger. A scramble has broken out within the industry as various providers jockey for position and make overtures to rivals. Anthem made the first public move, unveiling a $47 billion takeover bid for Cigna on Saturday after months of negotiations had stalled. On Sunday, Cigna fired back, rejecting the bid as “inadequate and not in the best interest of Cigna’s shareholders.” (de la Merced and Abelson, 6/21)

Anthem’s pursuit of Cigna comes as Cigna as well as Aetna Inc. size up Humana Inc., which has privately offered itself for sale. Aetna in the past few days made a takeover proposal to Humana, which has a market value of $30 billion, said people familiar with the overture. UnitedHealth Group Inc., meanwhile, recently made a takeover approach to Aetna. (Rockoff, Cimilluca, Mattioli and Hoffman, 6/21)