National Interstate Corporation (NATL) Investor Lawsuit to Halt Takeover Announced by Shareholders Foundation

SAN DIEGO, Feb. 24, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor who currently holds National Interstate Corporation (NATL) shares filed a lawsuit to halt the proposed takeover of National Interstate Corporation by American Financial Group, Inc.

Investors who purchased shares of National Interstate Corporation (NATL) prior to February 5, 2014 and currently hold any of those shares have certain options and should contact the Shareholders Foundation, Inc. at [email protected] or call +1 (858) 779-1554.

On February 5, 2014, American Financial Group, Inc. announced that its wholly-owned subsidiary Great American Insurance Company ("GAIC") has commenced a tender offer to acquire all of the outstanding shares of National Interstate Corporation (NATL) common stock not currently owned by them for $28.00 per share in cash without interest. On Feb. 7, 2014 National Interstate Corporation announced in response to the offer at a purchase price of $28.00 per share that its board of directors intends to advise shareholders of its position within 10 business days.

The plaintiff alleges that the offer is too low and undervalues National Interstate Corporation. Indeed, following the takeover news NATL shares jumped on February 5, 2014, in the open market to as high as $29.20 per share and NATL shares traded in July 2013 as high as $35.26 per share.

Then on February 18, 2014, American Financial Group, Inc. announced that its wholly-owned subsidiary GAIC has increased the price per share that it will offer to pay for the outstanding shares of National Interstate Corporation common stock not currently owned by GAIC to $30.00 per share in cash without interest. Then on Feb. 19, 2014 National Interstate Corporation announced in response to the unsolicited tender offer commenced by GAIC to acquire all of the outstanding shares of common stock of the Company, other than shares owned by GAIC, at a purchase price of $30.00 per share in cash without interest, that its board of directors has determined to express no opinion as to the offer and to remain neutral with respect to the offer.

Those who currently are investors in National Interstate Corporation (NATL) shares and purchased any of those National Interstate shares prior to the announcement have certain options and should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT: Shareholders Foundation, Inc.
         Trevor Allen
         +1 (858) 779-1554
         [email protected]
         3111 Camino Del Rio North
         Suite 423
         San Diego, CA 92108

Source: Shareholders Foundation, Inc.

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