American Financial Raises Offer For National Interstate To $32/shr

(RTTNews) - American Financial Group Inc. (AFG) announced that it has increased its offer to acquire all of the outstanding common shares of National Interstate Corp. (NATL) that are not currently owned by AFG's wholly-owned subsidiary, Great American Insurance Company or GAIC, to $32.00 per share in cash. The proposed transaction will not be subject to a financing condition.

American Financial noted that the offer represents itsbest and final offer, and it will offer no further increases from this price. This is a full and fair price offer that will provide upfront liquidity to, and for the benefit of, National Interstate's shareholders.

The $32.00 per share price represents a 41.5% premium over National Interstate's unaffected share closing price on March 4, 2016, the last trading day prior to public announcement of our proposal, and a 6.5% premium over yesterday's closing price.

The company noted that it has raised itsoffer price $2.00 per share since its initial proposal, which represents aggregate additional consideration of approximately $20 million that will be paid to National Interstate shareholders other than GAIC.