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AFG said its wholly owned subsidiary Great American Insurance Co. has withdrawn its previously announced $30-per-share offer to acquire all 9.5 million of the outstanding shares of National Interstate common stock not currently owned by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