CNA Surety Corp.
Robbins Umeda LLP Is Investigating CNA Surety Corporation Acquisition for Shareholders
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).
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.
If you own stock in CNA Surety Corporation and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.