The shareholders of FPIC Insurance Group, Inc. have approved the acquisition of FPIC by The Doctors Co., pursuant to the merger agreement dated May 23. At a special meeting held today, the merger agreement was approved by 99.10 percent of the shares voted. Shareholders holding 72.82 percent of the outstanding shares were present at the meeting in person or by proxy.
The date of the closing of the acquisition, which cannot take place until all applicable regulatory approvals have been received, has not yet been determined. At the closing, each of FPIC's outstanding shares of common stock will be converted into the right to receive $42 per share in cash.
Through its subsidiary companies, FPIC is a provider of medical professional liability insurance for physicians, dentists, and other healthcare providers with over 18,000 policyholders. It has an A- rating by A.M. Best Company and an A- rating from Fitch Ratings.
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