Case Page

 

Case Status:    ONGOING    
On or around 10/14/2016 (Ongoing date of last review)

Filing Date: October 07, 2016

According to the filed Complaint, on July 25, 2016, National Interstate and Great American jointly announced that
they had reached a definitive Agreement and Plan of Merger (“Merger Agreement”) whereby Great American, a wholly-owned subsidiary of American Financial Group, Inc. (“AFGI”), will acquire the approximately 49% of National Interstate’s issued and outstanding common shares that it does not presently own. The Proposed Transaction was unanimously approved and adopted by the members of the board of directors of National Interstate, except those members who are affiliated with Great American or AFGI. Upon the closing of the Proposed Transaction, National Interstate will become a wholly-owned subsidiary of AFGI. Pursuant to the Merger Agreement, National Interstate common stockholders will have their shares cancelled and automatically converted into the right to receive $32.00 in cash, plus a dividend of $0.50 per share (the “Merger Consideration”). The total value of the Proposed Transaction is $660 million.

The Complaint alleges the Proxy contains materially incomplete and misleading information concerning (i) the background of the Proposed Transaction; and (ii) the financial analyses of the Proposed Transaction performed by Morgan Stanley.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NATL
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Ohio
DOCKET #: 16-CV-02470
JUDGE: Hon. Sara Lioi
DATE FILED: 10/07/2016
CLASS PERIOD START: 07/25/2016
CLASS PERIOD END: 10/07/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Karon LLC
    700 West St. Clair Avenue, Karon LLC, OH 44113
    ·
  2. Monteverde & Associates PC
    350 Fifth Avenue, 59th Floor, Monteverde & Associates PC, NY 10118
    (212) 971-1341 ·
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
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