CNA Surety Receives Proposal to Acquire Public Minority Stake

CNA Surety Corporation SUR announced today that it has received a proposal from CNA Financial Corporation CNA to acquire all of the outstanding shares of common stock of CNA Surety that are not currently owned by subsidiaries of CNA for $22.00 per share in cash. CNA, through its subsidiaries, currently owns approximately 62% of the outstanding shares of CNA Surety common stock. The proposal states that CNA intends to implement the transaction in a manner that will ensure that CNA Surety would become a wholly-owned subsidiary of CNA and that all CNA Surety stockholders would receive the same consideration for their shares. CNA Surety's board of directors has formed a special committee consisting of the company's three independent directors. This special committee will retain independent financial and legal advisors to consider the proposal.