Feb. 5, 2014
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are
the proposed acquisition of National Interstate Corporation (NASDAQ: NATL) by Great American Insurance, a wholly owned subsidiary of American Financial Group (NYSE: AFG). On
February 5, 2014
, American Financial Group announced that Great American has commenced a tender to acquire all of the outstanding shares of National Interstate common stock not owned by them for
per share in cash.
Is the Proposed Merger Best for National Interstate and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at National Interstate is undertaking a fair process to obtain maximum value and adequately compensate National Interstate shareholders.
As an initial matter, the
merger consideration represents a premium to shareholders of just 26.3% based on the National Interstate's closing price on
, 2014. This one day premium is significantly below the average one day premium of nearly 35% for comparable transactions in the last three years. Further, National Interstate has traded above the
merger consideration as recently as
December 3, 2014
, and traded as high as
July 18, 2013
In addition, several current members of the National Interstate Board of Directors are executive officers of American Financial and Great American Insurance. Specifically, board members,
Joseph E. Consolino
Vito C. Peraino
, are executive officers of American Financial, while board members,
Gary J. Gruber
Donald D. Larson
, are executive officers of the Great American Insurance.
National Interstate shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. National Interstate Corporation shareholders interested in information about their rights and potential remedies can contact attorney
Darnell R. Donahue
at (800) 350-6003,
, or via the
shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than
of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.