SAN FRANCISCO, Oct. 24 /PRNewswire/ -- Thelen Reid Brown Raysman & Steiner LLP announced today that its Mergers and Acquisitions group has successfully assisted long-time client The Doctors Company in an agreement to acquire SCPIE Holdings Inc., a major provider of healthcare liability insurance, for an aggregate purchase price of approximately $281 million, or $28 per share in cash.
With more than $2 billion in assets, The Doctors Company, headquartered in Napa, California, is one of the largest professional liability companies in the country. It has approximately 32,000 physician members nationwide and currently has a Best's Financial Strength Rating of A- (Excellent).
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and approval by a majority of SCPIE's stockholders. Thelen will continue to advise The Doctors Company on a number of regulatory, antitrust, and shareholder approvals in order to close the deal, which is slated for some time in 2008.
"Thelen was able to bring in an interdisciplinary team, consisting of experts in the areas of Corporate, Securities, Tax, Antitrust, Labor and Employment, and Intellectual Property, to bring this transaction together in short order," said David L. Suddendorf, senior vice president and chief counsel for The Doctors Company. "This level of client service is why we continue to turn to Thelen to handle these types of transactions and other matters."
San Francisco Business and Finance partner Philip W. Peters, who led the Thelen team, said that the firm's ability to draw on experienced practitioners in many disciplines ensures that clients have a single source for the timely and effective resolution of complex issues, which frequently arise in these types of business combinations.'/>"/>
|SOURCE Thelen Reid Brown Raysman & Steiner LLP|
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