Early Results Indicate Stockholders Are Approving SCPIE Holdings Merger Agreement with The Doctors Company
March 26 2008 - 6:46PM
Business Wire
SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare
liability insurance, today announced that based on unofficial early
results, significantly more than the 50% of outstanding shares
necessary for approval were voted FOR the adoption of the merger
agreement with The Doctors Company, a leading physician-owned
medical malpractice carrier. The merger agreement provides for the
purchase of SCPIE for $28.00 per share in cash, or an aggregate
purchase price of approximately $281 million. In addition to
approval by SCPIE�s stockholders, the transaction is subject to the
receipt of insurance regulatory approvals. The final vote count by
the independent inspectors of election, IVS Associates Inc., is
expected within two weeks. Forward-Looking Statements In addition
to historical information, this news release contains
forward-looking statements that are based upon the Company�s
estimates and expectations concerning future events and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those reflected in the forward-looking
statements. Risks and uncertainties regarding the pending
transaction with The Doctors Company include the possibility that
the closing does not occur, or is delayed, due to the failure of
closing conditions (including approval by the Company�s
stockholders and regulatory authorities) and risks that the pending
transaction could disrupt current plans and opportunities of the
Company. Other factors that may cause actual results to differ from
the forward-looking statements contained herein and that may affect
the Company�s prospects are included in the Company�s other filings
with the Securities and Exchange Commission. In light of the
significant uncertainties inherent in the forward-looking
information herein, the inclusion of such information should not be
regarded as representation by the Company or any other person that
the Company�s objectives or plans will be realized.
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