SCPIE Notifies New York Stock Exchange of Intent to Delist Common Stock
April 01 2008 - 5:00PM
Business Wire
SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare
liability insurance, announced that it notified the NYSE Euronext
of its intent to delist its common stock, par value $0.0001 per
share, from the New York Stock Exchange immediately following the
consummation of the transactions contemplated by the Agreement and
Plan of Merger, dated October 15, 2007, by and among The Doctors
Company, Scalpel Acquisition Corp., a wholly owned subsidiary of
Parent, and SCPIE. Subject to the terms and conditions of the
Agreement and Plan of Merger, at the effective time of the merger,
each issued and outstanding share of SCPIE common stock (other than
shares of SCPIE common stock owned by The Doctors Company, Scalpel
Acquisition Corp., or in the treasury of SCPIE) will be cancelled
and converted into the right to receive $28.00 in cash, without
interest. As a result of the merger, SCPIE will cease to be a
publicly traded company. The merger is subject to verification that
SCPIE�s stockholders have approved the merger and the receipt of
insurance regulatory approvals. The final vote count from the
special meeting of SCPIE�s stockholders to consider the merger is
expected within approximately one week. 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. 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
approval of SCPIE�s stockholders, 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.
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