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The Williams Act Still Has Teeth

Law360, New York (April 28, 2014, 9:35 PM EDT) -- In a March 14, 2014, decision that has received little commentary, an Ohio federal court in Spachman v. Great American Insurance Co. took the extraordinary step of enjoining a tender offer by Great American Insurance, a wholly owned subsidiary of American Financial Group, for the 48 percent of National Interstate Corp. not already owned by AFG. The ruling provides important lessons to buyers and sellers in controlling shareholder tender offer situations.

Background

NIC shareholder, founder and board member Alan Spachman contended that Great American’s offer was coercive, a result of an unfair process led by conflicted NIC directors and replete within...

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