Andersons rejected HC2's buyout bid, stock halted
Andersons Inc. said Wednesday that it rejected an unsolicited buyout bid from former hedge-fund manager Philip Falcone's HC2 Holdings Inc. for $37 a share in cash. The bid represented a 43% premium to Tuesday's closing price for Andersons's stock of $25.94. The agriculture company said its board of directors unanimously decided that HC2's proposal undervalues the company and is not in the best interest of its shareholders. "We believe HC2's proposals ignore our value and prospects as a standalone entity and represent an opportunistic attempt to acquire the Company at a low point in the industry cycle," said Chairman Mike Anderson. The company's announcement comes after HC2 publicly-disclosed late Tuesday its bid for Andersons. The stock was up 25% in premarket trade prior to a trading halt. It had plunged 18% year to date through Tuesday, while the S&P 500 had gained 0.2%.
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