BOSTON, Feb. 21, 2014 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by members of the Board of Directors of National Interstate Corp. ("National Interstate" or the "Company") (NASDAQ: NATL) concerning the proposed acquisition of the Company by its controlling majority shareholder, American Financial Group Inc. ("American Financial") (NYSE: AFG) in a proposed transaction valued at approximately $283 million. Under the terms of the transaction, American Financial will acquire the remaining outstanding shares of National Interstate for $30 per share representing a premium of less than 4% on the Company's closing price on February 14, 2014.
As The Wall Street Journal reported on February 20, 2014, National Interstate's four independent directors say that they are "being railroaded into accepting a low-ball offer without being able to properly examine the transaction." In the words of one independent director, the transaction doesn't "smell right" and represents an example of "corporate bullying, plain and simple." Moreover, the financial adviser retained by the Company has "decline[d] to deliver an opinion as to the fairness" of American Financial's offer.
Block & Leviton's investigation seeks to determine, among other things, whether members of National Interstate's Board of Directors breached their fiduciary duties by failing to maximize shareholder value in the acquisition, failing to use a fair process and failing to arrive at a fair price. The investigation also seeks to determine whether American Financial aided and abetted National Interstate's Board's breaches of fiduciary duty.
If you are a National Interstate shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at 617.398.5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for decades. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP