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.
Was this article valuable?
Here are more articles you may enjoy.
New York State Has Budget Deal That Includes Auto Insurance Reforms: Gov. Hochul 
Florida Governor Signs Bill Dropping Building Permits for Work Valued at $7,500 or Less 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market 
