National Interstate Corp., Richfield, Ohio, has rejected a verbal proposal from Great American Insurance Co., 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.
National Interstate said a special committee determined that the revised offer is inadequate and is not in the best interest of the company’s minority shareholders.
The special committee intends to continue to consider the options available to the company, including maintaining its status as a public company and negotiating with Great American to seek further improvements to the offer that more appropriately reflect the special committee’s views on valuation.
Source: National Interstate Corp.
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