American Financial Group is trying again, upping its bid one last time to acquire the remaining common shares of National Interstate Corp. that its subsidiary doesn’t already own.

Great American Insurance Company is now offering $32 per share in cash for the 49 percent of National Interstate it doesn’t yet have. That is up from a proposed $30 per share offer in March worth $293 million, which had been increased to $30.75 per share.

On June 29, a Special Committee of National Interstate’s board of directors rejected the $30.75 offer, calling it “inadequate” and “not in the best interest of the majority shareholders of the company.”

American Financial Group Co-Chief Executive Officer Carl Linder III explained in a July 6 letter to the Special Committee that its $32 per share bid is its “best and final offer.”

“This is a full and fair price offer that will provide upfront liquidity to, and for the benefit of, National Interstate’s shareholders,” Linder wrote.

His letter emphasized that the $32 per share price is a 41.5 percent premium over National Interstate’s share closing price on March 4, which was the last day before American Financial announced its initial M&A bid.

National Interstate, in its rejection of American Financial’s first revised offer, kept the door open on working with the company, pledging to negotiate for a better offer and also consider other options.

American Financial focuses mostly on property/casualty insurance and specialized commercial products for business. National Interstate is a holding company for a specialty property/casualty insurance group focused on niche markets.

Source: American Financial Group