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.
The Mosaic Co. today confirmed persistent reports within the fertilizer industry that it was undergoing a reorganization with job cuts. “We have made difficult decisions to reduce our workforce to ensure Mosaic will be as competitive as possible in all parts of the business cycle, including the challenging current environment,” Ben Pratt, Mosaic vice president, corporate public affairs, told Green Markets. “This reorganization of our corporate functions moves more decision-making to our business units and flattens the organization to make Mosaic more efficient. We have been careful to affect as few people as possible.” Pratt did not elaborate further, however, industry sources said the number of cuts they had heard was somewhere in the 150-185 range.
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