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.
Mr. Peters was assisted in the deal by San Francisco Business and Finance special counsel Marc A. Greendorfer; Washington, DC Compensation and Benefits partner Benjamin I. Delancy; San Francisco Labor and Employment partner Robert A. Dolinko; San Francisco Antitrust partner Paul R. Griffin; and San Francisco Tax special counsel Mark McCleary. New York M&A partner Richard S. Green provided strategic advice throughout the transaction, and San Francisco associates Heather L. Stewart, Khurshid P. Khoja, Snehal Patil, and Laura A. Guillen also worked on the deal.
Thelen is an international law firm with approximately 600 attorneys and is widely known for its premier practices in the areas of Construction; Corporate/Finance; Real Estate and Structured Finance; Technology, Media, and Communications; Energy; and Complex Litigation. Other premier practice areas of the firm include Labor and Employment, Intellectual Property, Bankruptcy, Domestic and International Tax, and Employee Benefits. For more information, visit http://www.thelen.com.
|SOURCE Thelen Reid Brown Raysman & Steiner LLP|
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