The Andersons Inc. said June 9 that they have rejected the latest bid by HC2 Holdings Inc. to acquire all or part of the company.
The latest offer, which was dated June 2, simply reiterated HC2’s $37.00 per share proposal to acquire all of the outstanding stock of the company. This proposal was previously rejected.
HC2 did revamp its alternative proposal to buy portions of The Andersons. In the June 2 offer it said it would buy the Grain, Rail and Ethanol divisions for $1.15 billion. Earlier, it had proposed to buy the Grain (excluding Lansing and Thompson’s) and Rail for $950 million.
The Andersons said the new alternative was an even worse deal, valuing the Ethanol business at only $200 million.
The company said it stands ready to engage constructively on any credible proposal that has a legitimate possibility of delivering more value to shareholders than the company’s standalone business plan.