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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

Steve Rasmussen

Nationwide Mutual and Harleysville Group to merge

Posted by RJ and Makay on Sep 30, 2011

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Nationwide Mutual Insurance Co. announced that it will acquire Harleysville Group for about $760 million, or $60 a share in cash, for the 12.6 million Harleysville shares not already held by its parent, Harleysville Mutual. The price represents almost an 89% premium to Harleysville’s share price at Wednesday’s close, equivalent to about 2.1 times book value.