Special Committee of National Interstate Corporation Rejects Latest Proposal from Great American Insurance Company
June 29 2016 - 8:10AM
National Interstate Corporation (Nasdaq:NATL) (the “Company”)
announced today that the Special Committee of its Board of
Directors has unanimously rejected the verbal proposal from Great
American Insurance Company, a wholly-owned subsidiary of American
Financial Group, Inc., to pay $30.75 per share of common stock of
the Company for the outstanding shares of the Company not owned by
Great American Insurance Company. After careful
consideration, the Special Committee determined that the revised
offer is inadequate and is not in the best interest of the minority
shareholders of the Company.
The Special Committee intends to continue to
consider the options available to the Company, including
maintaining the Company as a public company and negotiating with
Great American Insurance Company to seek further improvements to
the offer that more appropriately reflect the Special Committee’s
views on valuation. There can be no assurance that such discussions
will result in an offer that can be supported by the Special
Committee.
About National Interstate
Corporation
National Interstate Corporation (Nasdaq:NATL),
founded in 1989, is the holding company for a specialty
property-casualty insurance group which offers products and
services designed to meet the unique needs of niche markets.
Products include insurance for passenger, truck, and moving and
storage transportation companies, alternative risk transfer, or
captive programs for commercial risks, specialty personal lines
products focused primarily on recreational vehicle owners, and
transportation and general commercial insurance in Hawaii and
Alaska. The Company's insurance subsidiaries, including the three
primary insurers, National Interstate Insurance Company, Vanliner
Insurance Company and Triumphe Casualty Company, are rated "A"
(Excellent) by A.M. Best Company. Headquartered in Richfield, Ohio,
National Interstate is an independently operated subsidiary of
Great American Insurance Company, a property-casualty subsidiary of
American Financial Group, Inc. (NYSE:AFG).
Contact:
Gary Monda
Vice President & Chief Investment Officer
National Interstate Corporation
877-837-0339
investorrelations@nationalinterstate.com
www.natl.com
American Financial (NYSE:AFG)
Historical Stock Chart
From Aug 2024 to Sep 2024
American Financial (NYSE:AFG)
Historical Stock Chart
From Sep 2023 to Sep 2024