Robbins Umeda LLP Is Investigating CNA Surety Corporation Acquisition for Shareholders
April 21 2011 - 7:19PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of CNA Surety Corporation (NYSE:
SUR). The firm has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the board of directors of CNA Surety in connection with
their efforts to be acquired by CNA Financial Corporation (NYSE:
CNA).
If you own stock in SUR and would like more information about
your shareholder rights, please contact Gregory E. Del Gaizo at
800-350-6003 or via the shareholder information form on our
website.
On April 21, 2011, CNA and SUR announced that they have entered
into a definitive merger agreement pursuant to which CNA will
commence a tender offer to acquire all of the outstanding shares of
common stock of SUR not currently owned by subsidiaries of CNA for
$26.55 per share in cash. The transaction is expected to close by
the end of the second quarter.
The investigation focuses on whether SUR's board is undertaking
a fair process to obtain maximum value for its shareholders. Of
particular interest, SUR reported strong fourth quarter 2010
results that beat analyst estimates. As a result, one analyst
raised their target price for the company to $29.00.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. Robbins Umeda LLP has
helped its clients realize more than $1 billion of value for
themselves and the companies in which they have invested. For more
information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/cna-surety-corp/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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