Andersons Board Rejects Unsolicited Proposals From HC2 - Quick Facts

(RTTNews) - The Andersons, Inc. (ANDE) announced its Board has rejected two non-binding, highly conditional, unsolicited proposals from HC2 Holdings, Inc. (HCHC) to acquire all outstanding shares of The Andersons. On January 29, 2016, The Andersons received a private, unsolicited proposal from HC2 to acquire the company for $35 per share in cash. A subsequent proposal was submitted on March 22, 2016 for $37 per share in cash.

"Following a thorough review, and in consultation with our independent financial and legal advisors, our Board determined that the offers are not credible, significantly understate the company's true value and are not in the best interests of our shareholders," said Chairman Mike Anderson.

The Andersons noted that HC2's letter dated May 17, 2016 contained numerous inaccuracies and misleading statements. The company said, among others, HC2's claim that The Andersons did not substantively respond to its $37 per share offer is patently false.