Cigna's offer consists of $48.75 in cash and 0.2434 shares of stock of the combined company for each Express Scripts share, amounting to $96.03 per share.
The offer represents a premium of nearly 31 percent to Express Scripts' Wednesday closing price of $73.42.
The deal value includes the assumption of about $15 billion in Express Scripts debt.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty)
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