Nationwide Mutual to buy back shares for $2.2B
The move is intended to simplify the mutual company's ownership structure, according to the firm.
Nationwide Mutual Insurance Co. proposed to buy all of the publicly listed shares of Nationwide Financial Services Inc. for $2.2 billion, in a move to simplify the mutual company’s ownership structure.
Nationwide Mutual of Columbus, Ohio, along with other Nationwide affiliates, is offering holders of Nationwide Financial’s Class A common stock for $47.20 a share in cash, representing a 24% premium over the company’s Friday closing price of $37.93.
The Nationwide Financial Services Board of Directors has appointed a Special Committee of the Board, comprised entirely of independent, non-affiliated directors, to consider the proposal.
Shares of Nationwide were trading up $10.52, or 28%, to $48.45 in afternoon trading.
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