CVS Health reportedly to bid on Signify Health

CVS Health reportedly is planning to enter a bid for Signify Health, The Wall Street Journal reported on Sunday.

Signify Health, a provider of technology and services for home health, reportedly is working with bankers to explore strategic alternatives, including a sale, the Journal reported.

Initial bids are due this coming week, and CVS is planning to enter one, the report said.

[Read more: CVS Health beats Q2 expectations with increase in prescription volume]

During a Q&A with investors following its Q2 results last week, CVS Health president and CEO Karen Lynch said that the retailer is seeking to expand in-home health services.

The report also noted that Signify has a market cap of around $4.66 billion based on its stock closing price on Friday, according to Refinitiv calculations.

[Read more: CVS Health appoints new executive]

A spokeswoman for Signify Health said the company does not comment on market rumors, the report said.

A spokesman for CVS told DSN that the company does not comment on rumors or speculation.