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Email In a March 14, 2014 decision that has received little commentary, an Ohio federal court in Spachman v. Great American Insurance Co. took the extraordinary step of enjoining a tender offer by Great American Insurance, a wholly-owned subsidiary of American Financial Group, for the 48 percent of National Interstate Corporation not already owned by AFG. The ruling provides important lessons to buyers and sellers in controlling shareholder tender offer situations. https://www.cadwalader.com/resources/clients-friends-memos/ohio-federal-judge-blocks-controlling-stockholders-tender-offer-based-on-target-boards-conflicts-and-stockholder-coercion