Proxy Firm Recommends SCPIE Acquisition
Â© 2008 The Associated Press
LOS ANGELES â€” 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.