Scpie (NYSE:SKP)
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SCPIE Holdings Inc. (NYSE:SKP), a major provider of healthcare
liability insurance, today reiterated its support of The Doctors Company
transaction, the terms of which call for $28 in cash per share and
represent a premium of approximately 31% over the Company’s
closing price one week before the transaction was announced. The company
further noted that The Doctors Company bid was the result of a rigorous
and open auction process, and that the Board was advised by its
financial and legal advisors throughout the process.
“We sincerely hope that our stockholders will
not allow themselves to be misled by an ex-director’s
rhetoric,” said Mitchell S. Karlan MD,
Chairman of the SCPIE Holdings Board of Directors. “Despite
Mr. Stilwell’s conflict of interest and
self-serving statements to the contrary, the rejected bid from American
Physicians Capital (ACAP)—on the Board of
Directors of which both Mr. Stilwell and his lawyer sit—had
numerous and prohibitive conditions that, in our opinion, made it highly
risky that a proposed merger with ACAP could be accomplished. We have
had and continue to have the best interests of our stockholders as a
guiding force behind our decision-making process.”
The special meeting of SCPIE Holdings Inc. stockholders will take place
on March 26, 2008, and the Company encourages all of its stockholders to
continue to vote FOR the transaction on the WHITE proxy card.
Additional Information and Where to
Find It
On January 30, 2008, SCPIE filed a definitive proxy statement with the
Securities and Exchange Commission (SEC) in connection with its proposed
acquisition by The Doctors Company. The proxy statement has been mailed
to SCPIE’s stockholders, who are urged to
read the proxy statement and other relevant materials filed with the SEC
because they contain important information about the acquisition.
Investors and security holders may obtain free copies of these documents
and other documents filed with the SEC at the SEC’s
website at www.sec.gov. In addition,
investors and security holders may obtain free copies of the documents
filed with the SEC by SCPIE at the Investors/Media section on its
corporate website at www.scpie.com.
SCPIE’s executive officers and directors may
be participants in the solicitation of proxies from SCPIE stockholders
with respect to the acquisition. Information about SCPIE’s
executive officers and directors, and their ownership of SCPIE Holdings
common stock, is set forth in the definitive proxy statement SCPIE filed
with the SEC on January 30, 2008, and in the reports filed by the
executive officers and directors under Section 16 of the Securities
Exchange Act of 1934, as amended, since such date. Additional
information regarding the direct and indirect interests of SCPIE’s
executive officers and directors in the acquisition is in the definitive
proxy statement.