CHICAGO--(BUSINESS WIRE)--
CNA Financial Corporation (“CNA Financial”) (NYSE: CNA) and CNA Surety
Corporation (“CNA Surety”) announced today the successful completion of
CNA Financial’s acquisition of CNA Surety. CNA Surety is now a
wholly-owned indirect subsidiary of CNA Financial.
On April 21, 2011, CNA Financial and CNA Surety announced the entry into
a definitive merger agreement providing for the acquisition of the
shares of CNA Surety not already owned by CNA Financial and its
subsidiaries. Pursuant to the merger agreement, Surety Acquisition
Corporation, a subsidiary of CNA Financial, commenced a tender offer on
May 11, 2011 to acquire all of the outstanding shares of common stock of
CNA Surety not owned by CNA Financial or its subsidiaries. As previously
announced, the tender offer expired at midnight on June 8, 2011 and all
of the shares tendered in the tender offer have been accepted for
payment.
On June 10, 2011, Surety Acquisition Corporation was merged with and
into CNA Surety in accordance with the merger agreement. As a result of
the merger, all shares of CNA Surety common stock held by the minority
stockholders of CNA Surety that were not tendered in the tender offer
were, subject to appraisal rights under Delaware law, converted into the
right to receive $26.55 per share in cash, the same consideration paid
in the tender offer. Effective after the close of market today, trading
in CNA Surety common stock on the New York Stock Exchange will cease.
About CNA
Serving businesses and professionals since 1897, CNA is the country’s
seventh largest commercial insurance writer and the 13th
largest property and casualty company. CNA's insurance products include
standard commercial lines, specialty lines, surety, marine and other
property and casualty coverages. CNA's services include risk management,
information services, underwriting, risk control and claims
administration. For more information, please visit CNA at www.cna.com.
CNA is a registered trademark of CNA Financial Corporation.
Forward-Looking Statement
This press release may include statements which relate to anticipated
future events (forward-looking statements) rather than actual present
conditions or historical events. These statements generally include
words such as "believes", "expects", "intends", "anticipates",
"estimates", and similar expressions. Forward-looking statements, by
their nature, are subject to a variety of inherent risks and
uncertainties that could cause actual results to differ materially from
the results projected. Many of these risks and uncertainties cannot be
controlled by CNA Financial or CNA Surety. For a detailed description of
other risks and uncertainties affecting CNA Financial and CNA Surety,
please refer to CNA Financial’s filings with the SEC, available at www.cna.com,
and CNA Surety’s filings with the SEC, available at www.cnasurety.com.
Any forward-looking statements made in this press release are made by
CNA Financial as of the date of this press release. Further, CNA
Financial does not have any obligation to update or revise any
forward-looking statement contained in this press release, even if CNA
Financial’s expectations or any related events, conditions or
circumstances change.
Source: CNA Financial Corporation
Contact:
CNA MEDIA:
Katrina Parker, 312-822-5167
Sarah J. Pang,
312-822-6394
or
ANALYSTS:
Nancy M. Bufalino, 312-/822-7757
Marie
Hotza, 312-822-4278
David C. Adams, 312-822-2183
or
CNA
SURETY MEDIA:
John Corcoran, 312-822-1371