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8-K - FORM 8-K - CNA SURETY CORP | c65118e8vk.htm |
Exhibit 99
FOR IMMEDIATE RELEASE
CONTACT:
CNA MEDIA: |
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Katrina Parker, 312/822-5167 |
ANALYSTS: | |
Sarah J. Pang, 312/822-6394 |
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CNA SURETY MEDIA: John Corcoran, 312/822-1371 |
Nancy M. Bufalino, 312/822-7757 Marie Hotza, 312/822-4278 David C. Adams, 312/822-2183 |
CNA FINANCIAL COMPLETES ACQUISITION OF CNA SURETY
CHICAGO, JUNE 10, 2011 CNA Financial Corporation (CNA Financial) (NYSE: CNA) and CNA Surety
Corporation (CNA Surety) announced today the successful completion of CNA Financials 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 countrys seventh largest commercial
insurance writer and the 13th largest property and casualty company. CNAs insurance
products include standard commercial lines, specialty lines, surety, marine and other property and
casualty coverages. CNAs 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 Financials filings with the SEC, available at
www.cna.com, and CNA Suretys 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 Financials expectations or
any related events, conditions or circumstances change.
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