Cigna shares jumped nearly 14% on Monday following reports that it has scrapped its plans to acquire rival Humana due to disagreements on price. Cigna also announced plans to buy back $10 billion worth of shares, bringing its total planned share repurchases to $11.3 billion. Cigna and Humana were unable to agree on the price and other financial terms of the deal, which would have created a healthcare conglomerate valued at over $140 billion. A Jefferies analyst upgraded Cigna shares to "buy" saying the failed Humana acquisition is a short-term win for investors and the buyback plans will be well-received.
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