American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP), a major provider of health care liability insurance, today announced the completion of the merger pursuant to which APCapital became a wholly owned subsidiary of The Doctors Company, the largest national insurer of physician and surgeon medical liability.
On July 7, 2010, APCapital entered into a merger agreement with The Doctors Company which called for APCapital shareholders to receive $41.50 in cash, without interest, for each share of APCapital common stock held. The transaction was approved by APCapital’s shareholders on October 20, 2010. The total transaction is valued at approximately $386 million.
As a result of this transaction, APCapital’s common stock will cease to trade on the Nasdaq Stock Market at the close of business today, October 22, 2010, and will thereafter be delisted.
As soon as practicable, BNY Mellon Shareowner Services, the paying agent appointed for the transaction, will mail letters of transmittal to all of APCapital’s shareholders of record with instructions on how to deliver their shares to the transfer agent in exchange for payment of the merger consideration to be distributed shortly after closing. Shareholders of record should not surrender their stock certificates until they have completed the letter of transmittal. Shareholders who hold their shares in “street name” through a bank or broker will receive instructions or payment directly from their bank or broker.About American Physicians Capital Inc. American Physicians Capital, Inc. is a regional provider of medical professional liability insurance focused primarily in the Midwest and New Mexico markets through American Physicians Assurance Corporation and its other subsidiaries. Further information about the companies is available on the Internet at http://www.apcapital.com.