SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report: February 12, 1996 Commission File No. 1-1345
(Date of earliest event reported)
AMERICAN FINANCIAL ENTERPRISES, INC.
Incorporated under the laws of Ohio IRS Employer
Identification No. 31-0996797
One East Fourth Street
Cincinnati, Ohio 45202
Phone: (513) 579-2172
Former name or former address, if changed since last report -
not applicable.
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AMERICAN FINANCIAL ENTERPRISES, INC.
FORM 8-K
Item 5. Other Events.
Please see the News Release attached hereto as Exhibit 1.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Exhibit (99) Additional Exhibits.
(1) American Financial Enterprises, Inc. News Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
AMERICAN FINANCIAL ENTERPRISES, INC.
February 14, 1996 By: James C. Kennedy
James C. Kennedy
Deputy General Counsel & Secretary
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Exhibit 1
AMERICAN FINANCIAL ENTERPRISES, INC.
AGREES TO SELL ITS CITICASTERS SHARES
(Cincinnati, Ohio) American Financial Enterprises, Inc.
("AFEI") announced that in connection with a definitive merger
agreement entered into yesterday between Jacor Communications,
Inc. and Citicasters Inc., each Citicasters shareholder,
including AFEI, will receive $29.50 per share in cash plus
certain warrants to purchase Jacor common stock. AFEI would
receive approximately $77 million in gross cash proceeds and
expect to realize a pre-tax gain of approximately $50 million for
the approximately 2.6 million Citicasters common shares it holds.
If the sale to Jacor does not close by September 30, 1996,
the cash purchase price per share will be increased by $.22125
for each full month thereafter ending prior to the closing of the
transaction. A five-year warrant to purchase one share of Jacor
common stock at $28 per share ($26 per share if the closing does
not occur until on or after October 1, 1996) will be issued with
respect to each five Citicasters shares, subject to certain
adjustments. The consummation of the transaction is subject to
certain conditions, including regulatory approvals.
AFEI is a holding company whose assets consist primarily of
investments in American Financial Group, Inc. and American
Annuity Group, Inc. in addition to its stake in Citicasters Inc.
AFEI's common stock trades on the Pacific and Chicago Stock
Exchanges under the symbol "AFE".
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