Lawsuit seeks to stop $286 million National Interstate buyout
By Jim Mackinnon, The Akron Beacon Journal | |
McClatchy-Tribune Information Services |
Spachman said he could be in favor of the buyout if the process is changed and shareholders are paid more money.
Spachman made public, via a filing with the
The letter said Spachman was filing the federal lawsuit " ... because my efforts to persuade AFG and its designees have fallen on deaf ears."
The lawsuit, filed in
--Today's letter is another attempt by
--Our offer is, and always has been, in the hands of shareholders, and it is up to them to make an informed decision.
--Given
--Contrary to Spachman's allegations, we have made abundant disclosures around this matter and have complied with all applicable laws with regard to our offer.
--Our best and final all-cash offer of
Spachman remains one of
AFG owns approximately 52 percent of
AFG has changed parts of its tender offer, moving its deadline from
Spachman has been saying that
Spachman also calls AFG's waiver of the 90 percent requirement "highly coercive."
"I continue to believe AFG can buy the 48 percent of the outstanding shares of
Spachman's lawsuit said that Duff & Phelps, a financial advisory firm hired by
Shares of
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