CNA says the proposed transaction has been approved by the board of directors of both companies. Subject to the approval of Hardy shareholders, regulatory approvals and other conditions set forth in the agreement, the acquisition is expected to be completed during Q2 2012.
CNA says that, under the terms of the agreement, Hardy shareholders will be entitled to receive $4.44 for each common share. The acquisition price values Hardy's entire issued and to-be-issued share capital at about $227 million. Aon Benfield Securities is acting as financial advisor to CNA in connection with the transaction, while