American Financial, Great American complete merger deal

By Lisa Kerner

Charlotte, N.C., Sept. 28 - American Financial Group, Inc. completed the merger by which Great American Financial Resources, Inc. acquired all Great American shares not already owned by American Financial.

Great American paid $24.50 per share in cash, or a total of some $225 million in the transaction, which was primarily funded by American Financial's cash.

"We believe that this is a very good use of a portion of our excess capital," American Financial's co-chief executive officers Craig Lindner and Carl Lindner III said in a company news release.

"We have increased our ownership in a specialty business where we already have significant expertise. It also results in immediate expense savings through the elimination of a public company and further simplifies our organizational structure."

American Financial specializes in property and casualty insurance through the operations of the Great American Insurance Group based in Cincinnati.

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