EAST LANSING, Mich. NAPA, Calif. — American Physicians Capital Inc. (APCapital) (NASDAQ:ACAP), a major
provider of health care liability insurance, and The Doctors Company,
the largest national insurer of physician and surgeon medical liability,
today announced that they have entered into a definitive agreement
pursuant to which The Doctors Company will acquire APCapital for $41.50
per share in cash, or an aggregate purchase price of approximately $386
million. The $41.50 per share in cash purchase price represents a
premium of approximately 31 percent over the $31.76 per share closing
price of ACAP on July 7, 2010, the last trading day prior to today’s
announcement.
R. Kevin Clinton, President and CEO of APCapital said, “This transaction
delivers significant value to our shareholders. Additionally, our
insureds will benefit as they become members of one of the largest and
most respected professional liability companies in the nation. I would
like to recognize our employees, agents, and medical society partners
for their dedication and commitment to APCapital. They are the driving
force behind the success of our company.”
“We are extremely pleased to announce this partnership between two
physician-founded companies and we look forward to delivering enhanced
value to our member insureds through the financial strength of a
combined organization with a relentless commitment to protecting,
defending, and rewarding the practice of good medicine,” said Richard E.
Anderson, MD, FACP, chairman and CEO of The Doctors Company. “Members
will benefit from our partnership and will continue to receive
aggressive claims defense, unmatched legislative and patient safety
advocacy, outstanding service, and industry leading member benefits.”
With this merger, The Doctors Company further expands its position as
the largest national insurer of physician and surgeon medical liability
to nearly 55,000 member insureds.
The Board of Directors of APCapital has approved the proposed
transaction and has resolved to recommend that its shareholders approve
the merger. The transaction is expected to close in the fourth quarter
of 2010 and is subject to customary closing conditions, including the
receipt of regulatory approvals, and approval by a majority of
APCapital’s shareholders.
Positions Merck to Capitalize on Opportunities for Global Growth
WHITEHOUSE STATION, N.J. — Merck Co., Inc. (NYSE: MRK), known outside the U.S. and Canada as MSD,
today provided further detail on integration plans for the companys
research and development, manufacturing and other business operations as
part of a global restructuring program announced following the November
2009 merger of Merck and Schering-Plough. The consolidation plans
support Mercks strategic direction as a customer focused, innovative
and diversified global health care company, and position the company to
invest in key areas for future growth, including emerging markets,
biologics, vaccines and consumer care.
Merck today announced plans to phase out operations at eight research
sites and eight manufacturing sites, as well as to continue to
consolidate office facilities worldwide, as part of the global merger
restructuring program that began last December. The goal of the
restructuring is to create a flexible RD organization that cultivates
scientific innovation, facilitates external collaboration and drives
pipeline progress and a reliable, more fully utilized and cost efficient
worldwide manufacturing supply chain to support Mercks broader product
portfolio.
Merck continues to expect its total workforce to be reduced by
approximately 15 percent across all areas of the combined company
worldwide as part of the initial phases of its merger restructuring
program. The company said it will continue to hire new employees in
strategic growth areas of the business as necessary.
“Today’s announcement is another important step as we successfully
integrate our global operations on schedule and move forward with
Mercks strategic priorities,” said Richard T. Clark, chairman and chief
executive officer of Merck. “These changes are crucial to drive future
growth and realize the promise of being a global health care leader for
the long term. While we believe these actions are necessary to support
Mercks competitive advantage, they required difficult decisions that
will impact some of our colleagues, their families and local
communities. We will implement our restructuring plans with the utmost
care and respect for the hard-working and talented employees of Merck,”
he said.
New SVP COO Strengthens Outcomes’ Executive Leadership Team
ALPHARETTA, Ga. — Outcomes Health Information Solutions, LLC, a leading healthcare data
abstraction and analytics company, today named Hassan Rifaat, M.D., as
the new Senior Vice President and Chief Operating Officer. “We are
excited to have Dr. Rifaat join our organization. As a physician with
over 20 years of senior level experience with leading national
healthcare organizations, Dr. Rifaat will bring additional experience,
ideas and knowledge to our operations and clinical team,” says Outcomes’
CEO, Gary Velasquez. “Having a physician as our SVP COO demonstrates
Outcomes’ commitment to superior clinical abstraction quality and
business operations, strengthening our platform for continued growth.”
Prior to joining Outcomes, Dr. Rifaat served as Senior Vice President at
Coventry Health Care where he managed seven health plans with over 1,500
employees in 11 states. Coventry Health Care is a national managed
healthcare company based in Bethesda, Maryland operating health plans,
insurance companies, network rental/managed care and workers
compensation services companies. In addition, Dr. Rifaat has held
several senior executive positions at Humana, Inc.; a $12 billion
managed care company, where he served as Regional CEO over Illinois
the Southeast, Market President for Louisiana, and Director, Clinical
Innovation. He also was Vice President of Marketing and Sales for
HealthMarket and held executive level positions at Alignis, Oxford
Health Plans, and Texas Health Innovators.
Dr. Rifaat graduated Cum Laude from Harvard University with an AB in
Biochemistry and obtained his Medical Doctor degree from the University
of Virginia School of Medicine.
As Outcomes’ SVP COO, Dr. Rifaat will manage the day-to-day
operational and clinical activities on a company-wide basis. He will
administer, direct, and coordinate all operational activities of the
company including planning, design and process improvement.
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