Briscoe Law Firm Investigates CNA Surety Corporation for Shareholders Concerning Acquisition by CNA Financial Corporation
April 22 2011 - 12:14PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of CNA Surety Corporation (“CNA Surety” or
“SUR”) (NYSE: SUR) related to the proposed buyout of CNA Surety by
CNA Financial Corporation (“CNA Financial”).
On April 21, 2011, the companies announced a definitive merger
agreement in which CNA Financial will acquire all of the
outstanding shares of CNA Surety, not currently owned by
subsidiaries of CNA Financial, through a tender offer. Under the
agreement, CNA Surety shareholders will receive $26.55 in cash for
each share of CNA Surety/SUR common stock held.
The firms are investigating the fairness of the proposed
transaction to CNA Surety shareholders and whether CNA Surety’s
Board of Directors acted in the shareholders’ best interests.
Specifically, the acquisition price represents only an approximate
2% premium over CNA Surety’s closing price the day before the
announcement. Further, at least one analyst has set a target price
of $29.00 per share for the company, and CNA Surety recently
reported strong fourth quarter 2010 results. Based on these and
other factors, the firms do not believe that the price offered to
CNA Surety shareholders is fair. The firms are also investigating
whether CNA Surety’s Board of Directors adequately considered all
viable alternatives and properly shopped the company before
entering into the acquisition agreement.
If you currently own shares of CNA Surety Group/SUR and would
like additional information regarding this investigation, or if you
have information regarding the allegations involved in this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters
nationwide, including claims of investor and stockholder fraud,
shareholder oppression, shareholder derivative suits, and security
class actions.
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