(Bloomberg) -- Anthem Inc. made a non-binding proposal to buy smaller health insurer Cigna Corp. for about $47 billion in what would be the industry’s biggest takeover ever.

The proposed offer is for $184 a share, about 31 percent of which would be paid in Anthem shares and the rest in cash. That’s a 29 percent premium to Cigna’s average closing price in the past 20 trading sessions. Anthem said the total transaction value is $53.8 billion, including net debt.

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