(Bloomberg) — Cigna Corp. shares surged as much as 19 percent after the health insurer was reported to be a takeover target for Anthem Inc.

Cigna rose to $152.88 at 12:46 p.m. in New York after earlier reaching $164. Anthem has made two takeover bids within the past 10 days for Cigna, which rebuffed the latest offer for about $175 a share, the Wall Street Journal reported, citing people familiar with the discussions.

Jon Sandberg, a spokesman for Cigna, declined to comment. Kristin Binns, a spokeswoman for Anthem, didn't immediately return a phone call or e-mail seeking comment.

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