The morning after Cigna Corporation CI 1.01%‘s board of directors rejected a $47.5 billion takeover bid from Anthem Inc ANTM 3.32%, Susquehanna Financial Group analyst Chris Rigg released a report focusing on the potential antitrust implications of a number of recently-rumored M&A deals in the managed care field.

According to the report, antitrust concerns could be a real threat to a handful of potential managed care mergers.

Enrollment Numbers

Rigg looked at the concentration of risk-based, Medicare Advantage and Medicaid enrollment in each state and for each potential M&A combination to determine the potential for antitrust vulnerability.

“We’ve been getting questions from clients on the antitrust exposure/overlap of the managed care [companies] that are the subject of recent M&A speculation,” Rigg writes in the report.

Limitations

While Susquehanna has no statutory information on administrative services only (ASO) membership, Rigg explains…

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