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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Interstate Corp. (MM) | NASDAQ:NATL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.51 | 32.49 | 32.75 | 0 | 01:00:00 |
American Financial Group Inc. said it reached a deal to acquire the stake in National Interstate Corp. that it doesn't already own in a sweetened deal for roughly $320 million.
Under the agreement, National Interstate holders other than American Financial would receive $32 a share, up from American Financial's previously increased bid of $30.75 last month. Additionally, National Interstate would pay its holders a special dividend of 50 cents a share.
Co-Chief Executive Carl H. Lindner III reiterated that with the planned deal, the insurer "would be making an additional investment in a business we know well, while at the same time simplifying the ownership structure."
The deal, expected to close in the fourth quarter, requires approval of non-American Financial shareholders.
American Financial also projected per-share earnings for the second quarter above analysts expectations. The insurer forecast per-share profit of $1.25 to $1.30, excluding one-time items, while analysts polled by Thomson Reuters expected $1.23. The company also expects to post charges related to the exit of some business lines of roughly $65 million.
During March, American Financial, parent of Great American Insurance Co., offered to acquire the remaining stake in National Interstate Corp. that it didn't already own for $30 a share, nearly two years after withdrawing a previous offer.
American Financial in February 2014 also had offered $30 a share for the remaining minority stake in the company. However, that offer was withdrawn after a judge signaled he would block the deal, and parties to a lawsuit over it were unable to resolve their differences.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
July 25, 2016 10:51 ET (14:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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