National Interstate forms committee to consider company sale

Richfield-based specialty insurer National Interstate Corp. has created a special committee to consider the March 7 proposal from its majority shareholder, American Financial Group, Inc., to buy all of the company for $30 a share. Total estimated cost would be $293 million.
Great American Insurance Co., a subsidiary of American Financial Group, owns about 51 percent of National Interstate stock.
The committee members include National Interstate founder and director Alan R. Spachman and other company directors Norman L. Rosenthal; I. John Cholnoky; Patrick J. Denzer; and Donald W. Schwegman.
Willkie Farr & Gallagher LLP was hired as the independent legal advisor to the special committee.