Law Office of Brodsky & Smith, LLC Announces Investigation of CNA Surety Corporation
April 22 2011 - 11:30PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
CNA Surety Corporation (“CAN Surety” or the “Company”) (NYSE: SUR)
relating to the proposed acquisition by CNA Financial Corporation
(“CNA Financial”).
Under the terms of the transaction, CNA Financial will commence
a tender offer to acquire all the outstanding shares of CNA Surety
common stock not currently owned by subsidiaries of CNA Financial
for $26.55 per share in cash. The investigation concerns possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of CNA Surety by not acting in CNA Surety
shareholders' best interests in connection with the sale process to
CNA Financial. The transaction may undervalue CNA Surety as CNA
Surety stock traded at $25.81 as recently as April 14, 2011 and an
analyst placed a target price for CNA Surety stock at $29.00 per
share.
If you own shares of CNA Surety stock and wish to discuss the
legal ramifications of the proposed transaction, or have any
questions, you may e-mail or call the law office of Brodsky &
Smith, LLC who will, without obligation or cost to you, attempt to
answer your questions. You may contact Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza,
Suite 602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com, visiting
http://brodsky-smith.com/280-sur-cna-surety-corporation.html, or by
calling toll free 877-LEGAL-90.
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