Stockholders Approve SCPIE Holdings Merger Agreement with The Doctors Company
04 4월 2008 - 7:22AM
Business Wire
SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare
liability insurance, today announced that its stockholders have
voted FOR the adoption of the merger agreement with The Doctors
Company, a leading physician-owned medical malpractice carrier. The
votes from SCPIE Holdings Inc.�s March 26, 2008, Special Meeting of
Stockholders were certified in a final report by IVS Associates,
Inc., the independent inspectors of election. According to the
final report, SCPIE stockholders voted approximately 5.9 million
shares, or 61.9%, FOR the merger out of a total of approximately
9.6 million outstanding shares eligible to be voted. This fulfilled
the requirement that a majority of outstanding shares be voted for
the merger in order to be approved. Mitchell S. Karlan MD,
Chairman, SCPIE Board of Directors, said, �I would like to thank
all stockholders who voted for the merger agreement. It�s
gratifying to know that you agreed with the Board�s decision that
this was the right move at the right time for our Company.� 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. The transaction is subject to the receipt of insurance
regulatory approvals. Forward-Looking Statements This news release
contains forward-looking statements that involve material risks and
uncertainties. Such forward-looking statements, including, but not
limited to, statements relating to the consummation of the proposed
transaction and the terms and timing thereof, are subject to change
based on factors beyond the control of SCPIE. Risks and
uncertainties regarding the transaction include the possibility
that the closing does not occur, or is delayed, either due to the
failure of closing conditions, including the failure to obtain
required regulatory approvals, or other reasons. 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 SEC.
SCPIE expressly disclaims any obligation to publicly release any
updates or revisions to any such forward-looking statement to
reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based.
Scpie (NYSE:SKP)
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