Nationwide Mutual to buy back shares for $2.2B

Nationwide Mutual Insurance Co. proposed to buy all of the publicly listed shares of Nationwide Financial Services Inc. for $2.2 billion, in a move to simplify the mutual company's ownership structure. Nationwide Mutual of Columbus, Ohio, along with other Nationwide affiliates, is offering holders of Nationwide Financial's Class A common stock for $47.20 a share in cash, representing a 24% premium over the company's Friday closing price of $37.93. The Nationwide Financial Services Board of Directors has appointed a Special Committee of the Board, comprised entirely of independent, non-affiliated directors, to consider the proposal. Shares of Nationwide were trading up $10.52, or 28%, to $48.45 in afternoon trading.