Wohl & Fruchter Commences Investigation into Acquisition of CNA Surety Corp. - SUR - by CNA Financial Corp.
April 21 2011 - 1:06PM
Business Wire
The law firm of Wohl & Fruchter LLP has commenced an
investigation into the acquisition of CNA Surety Corp. (CNA
Surety)(NYSE: SUR) by CNA Financial Corp. (CNA Financial).
The acquisition will occur through a tender offer of $26.55 in
cash per share, followed by a “short form” merger.
CNA Financial is the controlling shareholder of CNA Surety, and
a majority of CNA Surety’s board is affiliated with CNA Financial.
CNA Financial therefore had the ability to time its acquisition
offer to its advantage, and force a sale of the minority interest
held by public investors on terms favorable to it. CNA Surety
formed a special committee to represent public investors’
interests, and our investigation concerns the fairness of the
negotiation process leading to the announced acquisition, including
(1) the timing of CNA Financial’s offer, (2) CNA Financial’s
decision to publicly announce its offer before engaging in
negotiations with the special committee, and (3) the constraints
placed on the special committee’s ability to consider alternatives,
such as a sale to a third party.
Additional information is available at www.wohlfruchter.com/cases/sur.
Persons with information relating to the acquisition and CNA
Surety stockholders with questions about this investigation are
invited to contact our Firm.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation
arising from fraud and other fiduciary breaches by corporate
managers, as well as other complex litigation matters. Please visit
our website, www.wohlfruchter.com, to learn more about our Firm, or
contact one of our partners.
Contact:Ethan Wohl (ewohl@wohlfruchter.com)212 758 4000 or Toll
Free 866 582 8140Wohl & Fruchter LLP570 Lexington AvenueNew
York, NY 10022www.wohlfruchter.com
This release may be deemed to constitute attorney
advertising.
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