Mon, Jul. 25, 1:21 PM
- (NATL +4.5%) special committee unanimously approved (AFG +0.1%) offer price of $32.00/share and dividend of $0.50/share prior to the closing of the merger totaling for a sum of approx. $320M.
- The transaction is expected to close in 4Q16 resulting in non-core tax benefit of approx. $64M to AFG.
- 2Q16 GAAP EPS in the range of $0.60-$0.65, non-GAAP EPS (excl. Neon non-core exited lines charge) in the range of $1.25-$1.30 against estimate of $1.23.
- FY16 non-GAAP EPS of $5.35-$5.75 vs. estimate of $5.66.
- Prior: American Financial boosts bid for National Interstate
Wed, Jul. 6, 9:17 AM
- Calling this its best and final offer, American Financial Group (NYSE:AFG) lifts its bid for National Interstate Corporation (NASDAQ:NATL) to $32 per share in cash, with no financing contingency.
- At that price, the company would sell for 1.8x March 31 book value.
- National last week rejected the previous $30.75 offer.
- NATL +3.7% premarket to $31.15.
Apr. 14, 2015, 9:20 AM
- "Given my prior role and experience investing in the insurance space, I believe this transaction specifically - and the sector more broadly - could be a big value driver for HC2 (NYSEMKT:HCHC)," says Chairman and CEO Phil Falcone of the company's agreement to purchase the long-term care and life insurance businesses of American Financial Group (NYSE:AFG).
- The initial payment is $7M in cash, and debt and equity of HC2.
- As of Dec. 31, the companies' statutory capital was about $77.6M, with nearly $1.2B of investment AUM.
May 10, 2012, 5:52 PM
Cigna (CI) agrees to acquire American Financial Group's (AFG) supplemental health insurance group for ~$295M in cash. CI says the deal provides significant opportunities for growth; AFG expects an after-tax gain of $95M-$105M from the sale, which is expected to close in H2 2012.| May 10, 2012, 5:52 PM