An investigation for investors in NASDAQ:NATL shares was announced concerning the takeover of National Interstate by American Financial Group, Inc at $30 per share.
Investors who purchased shares of National Interstate Corporation (NASDAQ:NATL) and currently hold any of those NASDAQ:NATL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain directors of National Interstate Corporation breached their fiduciary duties owed to NASDAQ:NATL investors in connection with the proposed acquisition.
On February 5, 2014, American Financial Group, Inc. (NYSE/NASDAQ: AFG) announced that its wholly-owned subsidiary Great American Insurance Company (GAIC) has commenced a tender offer to acquire all of the outstanding shares of National Interstate Corporation (NASDAQ:NATL) common stock not currently owned by them for $28.00 per share in cash without interest.
On March 7, 2016, American Financial Group, Inc.(NYSE: AFG) announced that it has proposed to acquire all of the outstanding common shares of National Interstate Corporation (Nasdaq: NATL) that are not currently owned by American Financial Group’s wholly-owned subsidiary, Great American Insurance Company (GAIC), for $30.00 per share in cash.
Then on July 25, 2016, National Interstate Corporation (Nasdaq:NATL) announced that it has entered into an agreement with Great American Insurance Company, a wholly-owned subsidiary of American Financial Group, Inc., in which Great American will acquire the approximately 49% of the Company’s issued and outstanding common shares that Great American does not presently own. Under the terms of the proposed merger, National Interstate shareholders will receive $32.00 in cash for each share of National Interstate common stock they hold. In addition, National Interstate will pay a special dividend of $0.50 per common share upon the closing of the merger.
However, given that Great American Insurance Company owns approximately 51% of the outstanding National Interstate common shares, the investigation concerns whether the offer is unfair to NASDAQ:NATL stockholders. More specifically, the investigation concerns whether the National Interstate Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
On August 17, 2016, NASDAQ:NATL shares closed at $32.45 per share.
Those who are current investors in NASDAQ:NATL shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
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