SCPIE Holdings Inc. Announces Completion of Merger
June 30 2008 - 1:43PM
Business Wire
SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare
liability insurance, today announced the completion of its merger
with The Doctors Company. On October 15, 2007, SCPIE entered into a
merger agreement with The Doctors Company which called for SCPIE
stockholders to receive $28.00 in cash, without interest, for each
share of SCPIE common stock held. The transaction was approved by
SCPIE�s stockholders on March 26, 2008. The total transaction is
valued at approximately $296 million. As a result of this
transaction, SCPIE�s common stock will cease to trade on the New
York Stock Exchange at market close today, June 30, 2008, and will
thereafter be delisted. As soon as practicable, BNY Mellon
Shareowner Services, the transfer agent appointed for the
transaction, will mail letters of transmittal to all of SCPIE�s
stockholders of record with instructions on how to deliver their
shares to the transfer agent in exchange for payment of the merger
consideration to be distributed shortly after closing. Stockholders
of record should not surrender their stock certificates until they
have completed the letter of transmittal. Stockholders who hold
their shares in �street name� through a bank or broker should
contact their bank or broker to determine what actions they must
take to have their shares converted into cash, as such conversions
will be handled by the bank or broker. About SCPIE Holdings SCPIE
Holdings Inc. is a leading provider of healthcare liability
insurance for physicians, oral and maxillofacial surgeons, and
other healthcare providers, as well as medical groups and
healthcare facilities. Since the company was founded in 1976, it
has carved out a significant niche in the insurance industry by
providing innovative products and services specifically for the
healthcare community. Additional information on SCPIE Holdings can
be found on the company�s website: www.scpie.com. About The Doctors
Company Founded by doctors for doctors in 1976 to advance, protect,
and reward the practice of good medicine, The Doctors Company
(www.thedoctors.com) is a leading physician-owned medical
malpractice insurer. With $2.2 billion in assets, 32,000 physician
members nationwide, and an A- rating by A.M. Best Company and an A
rating by Fitch Ratings, The Doctors Company enjoys a reputation as
an industry vanguard.
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