The U.S. District Court for the Northern District of Ohio on March 14 stated that it would grant a motion for preliminary injunction enjoining the consummation of the tender offer of Great American Insurance Co. (GAIC) to acquire all of the outstanding shares of National Interstate Corp. common stock not currently owned by GAIC and parent company American Financial Group Inc. (AFG).
In light of the court’s stated intention, AFG announced on Sunday that GAIC has terminated the tender offer, previously scheduled to expire at midnight on March 17.
AFG believes 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.
AFG continues to be the majority shareholder of National Interstate.
GAIC will instruct its depositary, American Stock Transfer & Trust Co. LLC, to return promptly all shares tendered in the offer prior to termination.
Source: American Financial Group Inc.