American Financial Group Announces Intent to Sell Its Interest in the Cincinnati Reds
04 11월 2005 - 10:48PM
PR Newswire (US)
CINCINNATI, Nov. 4 /PRNewswire-FirstCall/ -- American Financial
Group, Inc. (NYSE:AFG) Nasdaq today announced that its subsidiary,
Great American Insurance Company, intends to sell all of its
interest in The Cincinnati Reds, LLC. This follows the Reds' recent
announcement that the current owners plan to sell a controlling
interest in the Reds to a group of Cincinnati investors. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO) Great
American owns approximately 15% of the Reds, and has been an
investor in the Club since 1981. If the transaction is completed
under the terms announced by the Reds, AFG would expect to
recognize an after-tax gain of approximately $15 million. While a
definitive agreement has not yet been signed, and any sale will be
subject to customary conditions, including regulatory and Major
League Baseball approvals, the parties hope to close the
transaction in the fourth quarter of 2005. Through the operations
of the Great American Insurance Group, AFG is engaged primarily in
property and casualty insurance, focusing on specialized commercial
products for businesses, and in the sale of retirement annuities,
supplemental insurance and life products. Great American Insurance
Group will remain the naming rights sponsor of Great American Ball
Park, home of the Cincinnati Reds. This press release contains
certain statements that may be deemed to be "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements in this press release not dealing with historical
results are forward-looking and are based on estimates, assumptions
and projections. Examples of such forward-looking statements
include statements relating to: the Company's expectations
concerning market and other conditions, future premiums, revenues
and earnings; and rate increases. Actual results could differ
materially from those expected by AFG depending on certain factors
including but not limited to: changes to the terms of the proposed
transactions, changes in economic conditions including interest
rates, performance of securities, the availability of capital,
regulatory actions, judicial decisions and rulings, tax law
changes, and other changes in market conditions that could affect
any party to the proposed transactions.
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO
http://photoarchive.ap.org/ DATASOURCE: American Financial Group,
Inc. CONTACT: Anne N. Watson, Vice President-Investor Relations of
American Financial Group, Inc., +1-513-579-6652 Web site:
http://www.afginc.com/ http://www.greatamericaninsurance.com/
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