Rumors of a merger now behind the two mutual companies, Nationwide Mutual Insurance Co. confirmed late yesterday that it will acquire Harleysville Group for $760 million. The company’s move relates to its planned expansion in its commercial insurance lines property and casualty business.
One of the country's largest home and auto insurers, Nationwide said it will pay $60 a share in cash for Harleysville, which represents close to a 100-percent premium to the stock's Wednesday close and nearly a 140-percent premium to the stock's price before rumors of a deal hit the market last week.
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