RICHFIELD, Ohio, June 29, 2016 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) (the “Company”) announced today that the Special Committee of its Board of Directors has unanimously rejected the verbal proposal from Great American Insurance Company, a wholly-owned subsidiary of American Financial Group, Inc., to pay $30.75 per share of common stock of the Company for the outstanding shares of the Company not owned by Great American Insurance Company. After careful consideration, the Special Committee determined that the revised offer is inadequate and is not in the best interest of the minority shareholders of the Company.
The Special Committee intends to continue to consider the options available to the Company, including maintaining the Company as a public company and negotiating with Great American Insurance Company to seek further improvements to the offer that more appropriately reflect the Special Committee’s views on valuation. There can be no assurance that such discussions will result in an offer that can be supported by the Special Committee.
About National Interstate Corporation
National Interstate Corporation (Nasdaq:NATL), founded in 1989, is the holding company for a specialty property-casualty insurance group which offers products and services designed to meet the unique needs of niche markets. Products include insurance for passenger, truck, and moving and storage transportation companies, alternative risk transfer, or captive programs for commercial risks, specialty personal lines products focused primarily on recreational vehicle owners, and transportation and general commercial insurance in Hawaii and Alaska. The Company's insurance subsidiaries, including the three primary insurers, National Interstate Insurance Company, Vanliner Insurance Company and Triumphe Casualty Company, are rated "A" (Excellent) by A.M. Best Company. Headquartered in Richfield, Ohio, National Interstate is an independently operated subsidiary of Great American Insurance Company, a property-casualty subsidiary of American Financial Group, Inc. (NYSE:AFG).
Source:National Interstate Corp.