American Financial Group, Inc. Terminates Tender Offer for National Interstate Shares
17 3월 2014 - 9:58AM
Business Wire
National Interstate continues to represent an important
strategic component of AFG’s overall operations
American Financial Group, Inc. (NYSE/NASDAQ: AFG) announced
today that on Friday, March 14, 2014 at a hearing held by the
United States District Court for the Northern District of Ohio, the
court stated that it would grant a motion for preliminary
injunction enjoining the consummation of the tender offer of AFG’s
wholly-owned subsidiary Great American Insurance Company (GAIC) to
acquire all of the outstanding shares of National Interstate
Corporation common stock not currently owned by AFG and GAIC.
In light of the court’s stated intention, AFG announced that
GAIC has terminated the tender offer. The tender offer was
previously scheduled to expire at 12:00 midnight, Eastern time, on
March 17, 2014.
AFG believes that the $30 per share all-cash tender offer would
have provided National Interstate’s shareholders with compelling
value at a significant premium to the market price prior to the
announcement of the offer.
AFG continues to be the majority shareholder of National
Interstate and highly values National Interstate’s business,
management team and employees. National Interstate continues to
represent an important strategic component of AFG’s overall
operations.
GAIC will instruct its depositary, American Stock Transfer &
Trust Company, LLC, to return promptly all shares tendered in the
offer prior to termination.
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based
in Cincinnati, Ohio with assets in excess of $40 billion. Through
the operations of 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
fixed and fixed-indexed annuities in the retail, financial
institutions and education markets. Great American Insurance
Group’s roots go back to 1872 with the founding of its flagship
company, Great American Insurance Company.
Forward Looking Statements
This press release contains certain statements that may be
deemed to be “forward-looking statements.” 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 and their effect on future premiums,
revenues, earnings and investment activities; recoverability of
asset values; expected losses and the adequacy of reserves for
long-term care, asbestos, environmental pollution and mass tort
claims; rate changes; and improved loss experience.
The forward-looking statements herein are made only as of the
date of this press release. The Company assumes no obligation to
publicly update any forward-looking statements.
American Financial Group, Inc.Diane P. Weidner,
513-369-5713Asst. Vice President - Investor RelationsorBrunswick
GroupStan Neve / Gemma Hart212-333-3810orWebsites:www.AFGinc.comwww.GreatAmericanInsuranceGroup.com
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