MAUMEE, Ohio, May 18, 2016 /PRNewswire/ -- The Andersons,
Inc. (Nasdaq: ANDE) today announced that its Board of Directors has
rejected two non-binding, highly conditional, unsolicited proposals
from HC2 Holdings, Inc. (NYSE MKT: HCHC) to acquire all outstanding
shares of The Andersons. The Andersons' announcement is in
response to HC2's public disclosure of its offer on Tuesday.
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. The Andersons' Board of Directors, after careful review in
consultation with its independent financial and legal advisors,
unanimously determined that both of HC2's proposals undervalue The
Andersons and are not in the best interests of the Company or its
shareholders and other stakeholders.
"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. 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. "Our Board and
management team remain confident in our ability to execute on our
standalone plan and believe we are well positioned to continue to
create significant long-term value for shareholders."
The Company also noted that HC2's letter dated May 17, 2016 contained numerous inaccuracies and
misleading statements. Among others, HC2's claim that The Andersons
did not substantively respond to its $37 per share offer is patently false.
Deutsche Bank is acting as financial advisor and Kirkland &
Ellis is acting as legal advisor to The Andersons.
About The Andersons, Inc.
The Andersons, Inc. is a diversified company rooted in
agriculture. Founded in Maumee,
Ohio, in 1947, the company conducts business across
North America in the grain,
ethanol, and plant nutrient sectors, railcar leasing, turf and cob
products, and consumer retailing. For more information, visit The
Andersons online at www.andersonsinc.com.
Logo -
http://photos.prnewswire.com/prnh/20081104/CLTU081LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/the-andersons-rejects-unsolicited-proposal-from-hc2-300270765.html
SOURCE The Andersons, Inc.