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American Financial Group Inc terminates tender offer for National Interstate Shares

Sunday, 16 Mar 2014 08:58pm EDT 

American Financial Group Inc:Says that on March 14, at hearing held by the United States District Court for the Northern District of Ohio, court stated that it would grant a motion for preliminary injunction enjoining the consummation of tender offer of AFG's wholly owned subsidiary Great American Insurance Company (GAIC).To acquire all of outstanding shares of National Interstate Corporation common stock not currently owned by AFG and GAIC.In light of court's stated intention, AFG announced that GAIC has terminated tender offer.Tender offer was previously scheduled to expire on March 17.AFG believes that the $30 per share all-cash tender offer would have provided National Interstate's shareholders with compelling value at significant premium to market price prior to announcement of offer.GAIC will instruct its depositary, American Stock Transfer & Trust Company, LLC, to return promptly all shares tendered in offer prior to termination. 

Company Quote

-0.55 -0.94%
4:00pm EDT