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Simpson Thacher Reps CNA In $475M Surety Buy

Law360 (April 21, 2011, 3:43 PM EDT) -- CNA Financial Corp., the majority owner of CNA Surety Corp., on Thursday announced that it had agreed to purchase the remaining outstanding shares of the surety provider for $26.55 per share.

According to a filing with the U.S. Securities and Exchange Commission, the stake CNA Financial is set to buy up is valued at approximately $475 million. The deal represents a 21 percent increase from CNA Financial’s original $22-per-share offer on Nov. 1 for the remaining public stake in the largest publicly traded surety provider in...
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