July 8, 2010 / 6:19 PM / 8 years ago

UPDATE 1-American Physicians Capital to go pvt for $386 mln

* The Doctors Co offers $41.50 per American Physician share

* Offer represents 31 pct premium

* American Physicians shares up 34 pct

July 8 (Reuters) - American Physicians Capital Inc ACAP.O agreed to be bought by a private insurer and a physician and surgeon medical liability, for about $386 million, sending its shares up 34 percent.

Shares of the healthcare liabilities provider touched a new life-high at $42.455 Thursday on Nasdaq, surpassing the offer price.

The $41.50 per share offer from The Doctors Co of American Physicians represents a 31 percent premium to the stock’s closing price of $31.76 Wednesday.

The deal expands the private firm’s position as the largest national insurer of physician and surgeon medical liability to nearly 55,000 insured members, American Physicians said in a statement. American Physicians’ board approved the offer and the deal is expected to close in the fourth quarter of 2010.

Shares of the company were up 28 percent at $40.66 in afternoon trade Thursday on Nasdaq. (Reporting by Vidya L Nathan in Bangalore; Editing by Gopakumar Warrier)

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