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Carl Icahn backs down from opposing Cigna-Express Scripts deal

Carl Icahn at a CNBC event.
Carl Icahn is backing down. Photo: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images

Billionaire investor Carl Icahn will no longer try to get shareholders to vote against Cigna's pending takeover of Express Scripts.

Why it matters: So much for that brief spat. Icahn didn't think the battle was worth fighting any more after the two major proxy advisory firms recommended shareholders approve the deal. Icahn's retreat makes it a lot more likely investors will vote for the acquisition, but federal and state antitrust reviews are still pending.