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Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of CNA Surety Corporation in Connection with t

^{Published on 2010-11-02 03:21:03 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of CNA Surety Corporation (aCNA Suretya or the aCompanya) (NYSE:SUR) related to the proposed acquisition of the Company by CNA Financial Corporation (aCNA Financiala). The proposed cash transaction is valued at approximately $375 million.

Under the terms of the proposal, CNA Financial would acquire all of the outstanding shares of CNA Surety common stock not currently owned by subsidiaries of CNA Financial for $22.00 per share in cash. CNA Financial, through its subsidiaries, currently owns approximately 62% of the outstanding shares of CNA Surety common stock. CNA Financial has also informed CNA Surety that it is only interested in acquiring the remaining shares of the Company, and has no interest in a disposition of its controlling interest. The investigation concerns possible breaches of fiduciary duty and other violations of law related to consideration of the proposal by CNA Suretya™s board of directors.

If you own shares of CNA Surety, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll Free at 888-638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].