American Financial Pulls $286M Insurer Takeover Bid

Law360, New York (March 17, 2014, 9:12 PM EDT) -- American Financial Group Inc. on Sunday pulled its $285.6 million takeover bid for National Interstate Corp. after an Ohio federal judge said Friday that he would block the deal if the companies couldn’t resolve a suit alleging the offer was tainted by conflicts of interests among board members.

AFG said its wholly owned subsidiary Great American Insurance Co. has withdrawn its previously announced $30-per-share offer to acquire all 9.5 million of the outstanding shares of National Interstate common stock not currently owned by AFG and GAIC....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.