Nationwide Mutual announces its intent to purchase shares of NFS in the open market
FOR IMMEDIATE RELEASE
OCTOBER 9, 2008
Contact: Joe Case
Columbus, Ohio — On August 6, 2008, Nationwide Mutual Insurance Company (Nationwide) announced that it reached an agreement to purchase the shares of Nationwide Financial Services(NFS) that it does not already own for $52.25 per share. Nationwide intends to complete the transaction and progress has been made in the normal course to satisfy the required closing conditions.
In the interim period, the financial markets have been severely dislocated and many companies in our industry have suffered impairments in their investment portfolios. Nationwide has also incurred impairments, but remains a strong and viable company.
Equity market volatility has adversely affected the value of virtually all stocks, including the recent significant decline in the price of NFS shares. Nationwide believes this relates, at least partially, to the desire of market participants for liquidity. To provide additional liquidity to market participants, Nationwide, or an affiliate, may purchase NFS shares from time to time through open market transactions. The price to be paid for shares acquired, if any, would be less than the offer price contemplated in the transaction.
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $161 billion in assets. Nationwide ranks #108 on the Fortune 500 list. The company provides a full range of insurance and financial services, including auto, motorcycle, boat, homeowners, life, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com.
Nationwide, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.