(Bloomberg) -- Cigna Corp. rejected Anthem Inc.’s $47 billion takeover bid, saying it was inadequate and not in the best interests of shareholders.

Anthem on Saturday offered to buy the smaller health insurer in what would be the biggest takeover ever in a U.S. industry on the verge of a consolidation wave much like drugmakers have been experiencing. Insurers such as Anthem are searching for ways to cut costs and keep expanding profits amid a surge in enrollment from Obamacare.

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