Proxy Firm Recommends SCPIE Acquisition

© 2008 The Associated Press
http://www.chron.com

LOS ANGELES — SCPIE Holdings Inc. said Monday a proxy advisory firm recommended shareholders vote in favor of the $268.8 million acquisition of the medical malpractice insurance provider by The Doctors Co.

SCPIE said Glass Lewis & Co. found that the offer gives shareholders “financially fair consideration” for their shares. Shareholders are scheduled to vote on March 26.

Under the agreement, Doctors, a physician-owned medical malpractice carrier, will buy SCPIE for $28 per share in cash. The company valued the total purchase price at $281 million.

After the deal is completed, Doctors will be the largest insurer of physician and surgeon liability insurance in the U.S., the company said.

SCPIE shares were unchanged at $27.36 in afternoon trading.

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