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August 07, 2008 at 08:13 AM
Nationwide Financial Services Inc. has given shareholders more information about plans by Nationwide Mutual Insurance Company to acquire full control over the company.
Nationwide Mutual, Columbus, Ohio, which announced plans March 7 to acquire the Class A common stock of Nationwide Financial that it does not already own, now has executed a definitive acquisition agreement with Nationwide Financial, Nationwide Financial says.
The agreement calls for Nationwide Mutual to pay about $52.25 per share in cash, a price 38% above the March 7 closing price, giving the deal a total value of about $2.4 billion.
Nationwide Financial stock is now selling for about $50 per share.
