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.

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