CNA Financial Corp. has offered to purchase the stock of CNA Surety Corp. that it doesn’t own.
CNA Surety, which provides surety and fidelity bonds, said its board of directors has formed a special committee to consider the proposal. CNA Financial is offering $22 for each share.
CNA Financial owns about 62 percent of the outstanding shares of CNA Surety. If the deal is completed, CNA Surety would become a wholly-owned subsidiary of the Chicago-based commercial insurer.
Shares of CNA Surety are up more than 20 percent, to $23.20, in New York Stock Exchange trading Monday morning.
CNA Financial makes offer for CNA Surety stock
