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Stock Market & Financial Investment News

News Breaks
February 25, 2014
14:41 EDTNATL, TROW, AFGT. Rowe Price opposes American Financial tender offer for National Interstate
T. Rowe Price Associates (TROW) disclosed in a regulatory filing that it sent a letter to the non-independent members of the Board of National Interstate (NATL), informing that T. Rowe Price does not currently intend to participate in the tender offer disclosed on Feb. 21 under the terms offered. In the letter, T. Rowe Price wrote: "As of today, our clients own 1.57 million shares of National Interstate, representing about 8% of the common shares outstanding. As experienced investors in the U.S. smaller companies marketplace broadly and the property and casualty insurance industry specifically, we understand the value that can be created as a result of the well-executed combination of complementary businesses. We also understand the dynamics of industry consolidation within the P&C business well. We do, however, always apply extra scrutiny to any transactions involving a conflict of interest between the negotiating parties, such as Great American Insurance Company’s offer for National Interstate...Having analyzed this transaction carefully, we note that we have rarely come away with concerns as substantial as those we have identified here. In short, we are quite troubled about both the process the National Interstate Board undertook to evaluate the transaction as well as the consideration offered...Our concerns are so strong about the lapses in basic standards of corporate governance evident in this situation that we will file this letter with the U.S. Securities and Exchange Commission in order to make public our position"
News For NATL;TROW;AFG From The Last 14 Days
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September 26, 2014
16:18 EDTTROWT. Rowe urges Allergan to drop bid for Salix, has 'growing concern', FT says
T. Rowe Price (TROW), the third largest shareholder of Allergan (AGN), has urged the company to not partake in any acquisitions that would thwart Valeant's (VRX) hostile takeover plan, The Financial Times reports, citing senior business correspondent David Crow. Allergan is currently mulling the possibility of acquiring Salix Pharmaceuticals (SLXP), which may effectively squash Valeant's potential hostile takeover of Allergan. T. Rowe Price said in a statement, "Over the past several months, we have been watching with growing concern the corporate governance practices of the Allergan board. In our view, the issues to be voted on at the special meeting of shareholders on December 18 are of such importance that they impose a special duty on the board to refrain from approving any significant, irreversible commitments by the company between now and then unless shareholders are offered the opportunity to vote on them. We believe this should apply even in the event of all-cash acquisitions that do not ordinarily require a shareholder vote." Reference Link
September 22, 2014
08:51 EDTTROWT. Rowe Price should be owned into Q4, says Bernstein
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