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Under the deal, Nationwide Mutual will buy all of Nationwide Financial's outstanding publicly held Class A common stock for $52.25 a share in cash, the companies said. The transaction would make Nationwide Financial a private company.
The companies said the $52.25-a-share offer represents a premium of about 38% over the $37.93 closing price of Nationwide Financial's stock on March 7, 2008, the last trading day before Nationwide Mutual disclosed its original proposal. The offer is an increase of about 11% over the original proposal of $47.20 a share.
The Columbus, Ohio-based Nationwide Financial sells several financial services and investment products to consumers and offers retirement plans and services through public- and private-sector employers. It's part of the Nationwide group of companies, which is led by Nationwide Mutual Insurance.
Earlier this year, a Nationwide Mutual spokesman said the benefits of the transaction include better alignment and flexibility around best serving customers and enhanced ability to meet the needs of combined customers (BestWire, March 10, 2008).
"While NFS's current structure has served us well over the past decade, our ability to grow and meet the needs of our customers over the next decade and beyond will benefit from a simpler and more customer-centric business model," Mark Thresher, president and chief operating officer of Nationwide Financial, said in a statement.
When the deal closes, Nationwide Financial would become a subsidiary of Nationwide.
Nationwide Life Insurance Co. and Nationwide Mutual Insurance Co. currently have Best's Financial Strength Ratings of A+ (Superior).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)
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