Best and Final Offer Delivers Compelling Value
CINCINNATI--(BUSINESS WIRE)--Mar. 6, 2014--
American Financial Group, Inc. (NYSE/NASDAQ: AFG) today issued the
following statement in response to a letter received today from Alan R.
Today’s letter is another attempt by Alan Spachman to prevent National
Interstate shareholders from receiving AFG’s all-cash offer of $30 per
share of National Interstate Corporation (NASDAQ: NATL).
Our offer is, and always has been, in the hands of shareholders, and
it is up to them to make an informed decision.
Given Alan Spachman’s repeated attempts to deny National Interstate
shareholders the opportunity to decide for themselves, shareholders
should question his motives and whether he has their best interest in
Contrary to Spachman’s allegations, we have made abundant disclosures
around this matter and have complied with all applicable laws with
regard to our offer.
Our best and final all-cash offer of $30.00 per share for any and all
shares represents compelling value for National Interstate
AFG management and Board of Directors will continue to vigorously defend
the rights of National Interstate Shareholders to tender into our offer.
Two previous requests for injunctions in Hamilton and Summit Counties
have been denied and dismissed, respectively.
Innisfree M&A Incorporated is the Information Agent for the tender offer.
This press release is for informational purposes only and does not
constitute an offer to purchase or a solicitation of an offer to sell
National Interstate common stock. AFG and GAIC have filed a Tender Offer
Statement on Schedule TO and the Transaction Statement on Schedule
13E-3, each as amended, with the Securities and Exchange Commission (the
"SEC"). National Interstate stockholders and other interested parties
are advised to read these filings and other documents relating to the
tender offer that have been or will be filed with the SEC when they
become available because they will contain important information
regarding the tender offer. Anyone may obtain copies of these documents
when available for free at the SEC's website at www.sec.gov,
or by calling Innisfree M&A Incorporated, the Information Agent for the
tender offer, toll free at 1-888-750-5834.
About American Financial Group, Inc.
AFG 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.
Source: American Financial Group, Inc.
American Financial Group, Inc.
Diane P. Weidner, Asst. Vice
President - Investor Relations, 513-369-5713
Neve / Gemma Hart, 212-333-3810