Jones Day Reps Nationwide In $760M Harleysville Buy

Law360, New York (September 29, 2011, 2:59 PM EDT) -- Nationwide Mutual Insurance Co. said Thursday it would acquire Harleysville Group Inc. for $760 million in cash to increase its property and casualty coverage and expand its distribution network.

Nationwide, which sells home and auto insurance, said it would pay $60 per share for about 12.6 million shares in Harleysville Mutual Insurance Co.'s publicly held subsidiary. All policyholders with Harleysville Mutual will become members of Nationwide.

“With Harleysville’s expertise in commercial lines and Nationwide’s complementary geographic distribution, there will be a substantial opportunity to increase market share,”...
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