Cigna Group (NYSE:CI) reportedly halted its efforts to merge with Humana (NYSE:HUM) due to opposition from its shareholders. The proposed merger, which was set to create a healthcare insurance behemoth valued at around $140 billion, stumbled over disagreements on pricing and other financial conditions, as reported by the Wall Street Journal.

Following the report, Cigna shares jumped more than 16% intra-day today.

Since the merger discussions became public, Cigna’s stock has seen a decline of nearly 10%. In response to moving away from this large-scale merger, Cigna has shifted its focus to smaller-scale acquisitions.

Additionally, the company announced a significant increase in its stock buyback program, with an additional $10 billion, bringing the total repurchase amount to $11.3 billion.

David M. Cordani, Cigna’s Chairman and CEO, expressed confidence in the company’s stock, considering the buybacks a strategic move to enhance value while continuing to promote quality care, affordability, and positive health outcomes.

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