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
AFG continues to be the majority shaeholder 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
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.
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