A proposal offered by Anthem on Saturday to buy Cigna Corp for $47 billion was rejected by smaller health insurer.

Cigna said Anthem’s non-binding proposal was inadequate and not in the best interests of shareholders. The proposal is for $184 a share, about 31% of which would be paid in Anthem shares and the rest in cash.

That’s a 29% premium to Cigna’s average closing price in the past 20 trading sessions. Anthem said Saturday that the total transaction value is $53.8 billion, including net debt.

On Sunday, Cigna said its rival was facing a number of major issues. After citing a data breach Anthem in February the company mentioned about Anthem’s lack of a growth strategy, its membership in the Blue Cross Blue Shield Association and related antitrust actions.

The proposal was unanimously determined to be inadequate by the directors of the Cigna.

Kristin Binns, an Anthem spokeswoman, didn’t immediately respond to a telephone message and e-mail seeking comment on Sunday.

Kristin Binns, an Anthem spokeswoman, didn’t immediately respond to a telephone message and e-mail seeking comment on Sunday.

Anthem said combining with Bloomfield, Connecticut-based Cigna would boost adjusted earnings by more than 10% in the first year. Both companies will be able to generate more than $115 billion in annual revenue.

Anthem chief executive officer Joseph Swedish said, “This combination is the absolute best strategy for both organizations to maximize the potential and lead the transformation of the health care industry”.