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News Breaks
March 17, 2014
05:07 EDTNATL, AFGAmerican Financial Group terminates tender offer for National Interstate
American Financial Group (AFG) announced that on Friday, March 14, at a hearing held by the U.S. District Court for the Northern District of Ohio, the court stated that it would grant a motion for preliminary injunction enjoining the consummation of the tender offer of AFG’s wholly-owned subsidiary Great American Insurance Company, or GAIC, to acquire all of the outstanding shares of National Interstate (NATL) common stock not currently owned by AFG and GAIC. In light of the court’s stated intention, AFG announced that GAIC has terminated the tender offer. The tender offer was previously scheduled to expire at on March 17. AFG believes that the $30 per share all-cash tender offer would have provided National Interstate’s shareholders with compelling value at a significant premium to the market price prior to the announcement of the offer. AFG continues to be the majority shareholder of National Interstate and highly values National Interstate’s business, management team and employees. National Interstate continues to represent an important strategic component of AFG’s overall operations. GAIC will instruct its depositary to return promptly all shares tendered in the offer prior to termination.
News For AFG;NATL From The Last 14 Days
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February 24, 2015
16:59 EDTNATLNational Interstate raises quarterly dividend to 13c from 12c
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16:58 EDTNATLNational Interstate reports Q4 EPS 25c, consensus 34c
Reports Q4 revenue $154.9M. The company said, "We had another challenging year in 2014 primarily due to continued high severity in the commercial auto liability coverages. Although we will never make excuses or be satisfied with combined ratios near or worse than breakeven, we note that our commercial auto liability results are consistent with industry trends. We continue to believe our current risk selection and pricing have improved as evidenced by approximately $105 million of business we non-renewed in the past 24 months, the continuous rate increases since 2012, and with many of our specialty niche insurance products performing well on an accident year basis."

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