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Today Nationwide Financial Services Inc announced that affiliates of parent Nationwide Mutual Insurance Co have offered to buy all of its outstanding Class A common stock for about $2.2 billion.
Published on March 10, 2008
Nationwide Mutual is offering holders of Nationwide Financial's Class A common stock $47.20 a share in cash -- a 24 percent premium over Friday's closing price of $37.93. Nationwide Financial had 46.7 million Class A shares outstanding as of December 31.
Nationwide Mutual wants to buy out the public shares of Nationwide Financial in order to simplify the insurance and financial services group's ownership structure, Nationwide Mutual spokesman Joe Case said.
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