By Law360 (February 26, 2019, 8:58 PM EST) — A 25-year veteran antitrust lawyer for Anthem Inc. testified Tuesday he was stunned by Cigna Corp.’s sudden and allegedly fatal resistance to their now-abandoned, $54 billion tie-up, in the second day of a multibillion-dollar Delaware Chancery Court trial over the collapsed deal.
“I’ve never seen anything like this before. Never, ever. And I don’t think I ever will again,” said George L. Paul of White & Case LLP, a deal counsel to Anthem and a 25-year antitrust litigation specialist. “Our ability to advocate really broke down. They were no longer rowing in the same direction and, frankly, they were drilling holes in the bottom of the boat.”