BOSTON, Feb. 21, 2014 /PRNewswire/ -- Block &
Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, has commenced an investigation into possible breaches
of fiduciary duty by members of the Board of Directors of National
Interstate Corp. ("National Interstate" or the "Company") (NASDAQ:
NATL) concerning the proposed acquisition of the Company by its
controlling majority shareholder, American Financial Group Inc.
("American Financial") (NYSE: AFG) in a proposed transaction valued
at approximately $283 million. Under
the terms of the transaction, American Financial will acquire the
remaining outstanding shares of National Interstate for
$30 per share representing a premium
of less than 4% on the Company's closing price on February 14, 2014.
As The Wall Street Journal reported on February 20, 2014, National Interstate's four
independent directors say that they are "being railroaded into
accepting a low-ball offer without being able to properly examine
the transaction." In the words of one independent director, the
transaction doesn't "smell right" and represents an example of
"corporate bullying, plain and simple." Moreover, the financial
adviser retained by the Company has "decline[d] to deliver an
opinion as to the fairness" of American Financial's offer.
Block & Leviton's investigation seeks to determine, among
other things, whether members of National Interstate's Board of
Directors breached their fiduciary duties by failing to maximize
shareholder value in the acquisition, failing to use a fair process
and failing to arrive at a fair price. The investigation also
seeks to determine whether American Financial aided and abetted
National Interstate's Board's breaches of fiduciary duty.
If you are a National Interstate shareholder and have questions
about your legal rights, or if you have information relevant to
this investigation, please contact attorney Steven P. Harte, at 617.398.5600 or email him at
Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors
nationwide for violations of securities laws. The firm's lawyers
have collectively been prosecuting securities cases on behalf of
investors for decades. This notice may constitute attorney
advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
Steven@blockesq.com
617.398.5600
SOURCE Block & Leviton LLP