HC2 originally offered $35 per share in cash for The Andersons on Jan. 29, 2016. It then upped the offer to $37 per share in cash on March 22, 2016. It publicly announced the offer on Tuesday, which is why ANDE responded publicly with its rejection of it.
“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,” Mike Anderson, Chairman of The Andersons, said in a statement.
The offers made by HC2 were unsolicited by The Andersons. The company also said that it properly responded to the second offer of $37, despite HCHC claiming the company didn’t in its public announcement of them.
ANDE shares were up 32% and HCHC shares were up 6% as of Wednesday morning.
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