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Kendall Law Group Investigates CNA Surety Corporation for Shareholders

^{Published on 2010-11-02 06:30:24 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by former federal judge Joe Kendall, is investigating CNA Surety Corporation (NYSE:SUR) for shareholders in connection with the proposed acquisition by CNA Financial Corporation. The national securities litigation firm is investigating whether a fair process was used prior to entering into the merger agreement and whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of the Company. If you are a SUR shareholder and would like additional information about your rights, you are urged to contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

On November 1, 2010, the companies announced a definitive merger agreement under which CNA Surety would be acquired by CNA Financial. Under the terms of the agreement, CNA Surety stockholders will receive $22.00 in cash for each share of SUR common stock. Because this offer represents a 14% premium over the closing price on October 29, 2010, the firm believes the transaction significantly undervalues the company. Also, CNA Financial currently owns approximately 62% of the outstanding stock of CNA Surety, which almost guarantees the transaction to be approved.

Kendall Law Group, founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in many merger and acquisition cases nationwide, including some of the largest transactions in the United States.