NEW YORK — HC2 Holdings, Inc. on June 2 sent a second letter to Michael J. Anderson, chairman of the board of directors of The Andersons, Inc., reiterating the company’s offer to acquire Maumee, Ohio-based The Andersons for $37 per share in cash or a total purchase price of $1.043 billion, plus the assumption of $402 million in debt as of March 31, 2016. HC2 also said it is willing to increase its bid, if appropriate, after formal engagement. Additionally, HC2 adjusted its alternative proposal to include the ethanol assets and, as such, raised its alternative proposal to $1.15 billion (from $950 million) for the rail, grain and ethanol businesses.
|Philip Falcone, chairman, c.e.o. and president of HC2|
“As we’ve said, we do not believe operating a disparate set of assets is the appropriate path to success for The Andersons,” said Philip Falcone, chairman, chief executive officer and president of HC2. “We continue to believe that HC2’s proposals offer the shareholders, employees and customers of The Andersons a better future than that outlined by the current management. As such, we strongly urge the company’s management and board of directors to engage with us and undertake an exploration of strategic alternatives to maximize shareholder value.”