ACAP Climbs On Its Acquisition Deal
Shares of American Physicians Capital Inc (NASDAQ: ACAP) jumped after The Doctors Company signed a deal to acquire ACAP.
The East Lansing, Michigan-based company will be acquired by The Doctors Company for a total price of about $386 million, or $41.50 per share, in cash. The deal price represents a 31% premium to the ACAP’s shares over its yesterday’s closing price of $31.76.
ACAP’s shares have gained 5.37% year-to-date and moved up 0.54% over the previous week.
American Physicians Capital advanced 28.02% to $40.66 at 12:41 pm.
Read more from Benzinga's Company news.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.