10 Micro-, Small-Cap Firms Dominate Thursday’s Gains

5. ProAssurance Corp. (NYSE:PRA)

ProAssurance saw its share prices spike by 48.13 percent to end at $23.02 apiece as investors cheered news that it is set to be acquired by The Doctors Company for $1.3 billion.

In a statement, The Doctors Company said that it entered into a definitive agreement to acquire PRA.

Shareholders of PRA will expect to receive $25 per share representing an approximately 60 percent upside from its closing price on March 18. The transaction will be paid in cash.

Upon completion, the two entities will boast assets of roughly $12 billion.

“We are excited to further our mission to advance, protect, and reward the practice of good medicine to an even greater number of healthcare providers across the nation,” said The Doctors Company Chairman and CEO Richard Anderson. “The addition of ProAssurance to The Doctors Company significantly enhances our ability to serve healthcare professionals now and well into the future.”

For his part, PRA President and CEO Ned Rand said: “This transaction will deliver significant value to our shareholders. Both ProAssurance and The Doctors Company were founded by physicians in response to the medical liability crisis of the 1970s. Both companies have grown over the years by bringing together other physician-founded companies.”