A large insurer says it may provide cash for investors by buying some shares of Nationwide Financial Services Inc. outside of a previously announced effort to buy out other NFS shareholders.
Nationwide Mutual Insurance Company, Columbus, Ohio, which has owned a controlling stake in NFS, said in August that it would pay $52.25 per share for the common stock of NFS that it does not already own.
“Nationwide intends to complete the transaction, and progress has been made in the normal course to satisfy the required closing conditions,” the company says.
Meanwhile, many investors are trying to sell stock to cope with the financial upheaval, and Nationwide still is in a position to buy back stock, the company says.
To provide liquidity, Nationwide may buy shares of NFS stock on the open market for prices less than the offer price announced in August, Nationwide says.