NU Online News Service, Sept. 16, 10:38 a.m. – Nationwide Financial Services Inc., Columbus, Ohio, reports it has received approval from 99.3% of the shareholder votes cast to proceed with its proposed acquisition of Provident Mutual Life Insurance Company, Berwyn, Pa.
Provident Mutual, a policyholder-owned mutual insurer, plans to convert to a stock company charter before submitting to the acquisition.
Officially, the Nationwide shareholder vote gave Nationwide permission to give the Provident Mutual policyholders Nationwide stock to compensate them for their loss of policy-based ownership rights.
Provident Mutual policyholders will vote on the deal at a special meeting Sept. 24.
Nationwide hopes to complete the deal by early October.