Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for Nationwide Corp. > News item |
Nationwide Financial's parent company makes $2 billion offer
By Lisa Kerner
Charlotte, N.C., March 10 - Nationwide Financial Services, Inc. received a proposal from Nationwide Mutual Insurance Co., Nationwide Mutual Fire Insurance Co. and Nationwide Corp. (collectively "Nationwide Mutual") to acquire all of its outstanding publicly held class A shares of common stock for $47.20 cash per share.
The deal is valued at some $2 billion based on Nationwide Financial outstanding shares of class A common stock as of Dec. 31.
A special committee has been appointed to review the proposal with the assistance of Sidley Austin LLP.
According to a company news release, Nationwide Mutual owns all of the outstanding shares of Nationwide Financial's class B common stock, which represents a 66.3% equity ownership in Nationwide Financial and 95.2% of the combined voting power of the company's shareholders.
Nationwide Financial, based in Columbus, Ohio, is part of the Nationwide group of companies and offers diversified insurance and financial services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.