MAUMEE, Ohio, June 3, 2016 /CNW/ -- The Andersons, Inc.
(Nasdaq: ANDE) today sent a letter to HC2 Holdings, Inc. (NYSE MKT:
HCHC) confirming receipt of HC2's letter dated June 2, 2016. The following is the full
text of the letter that was sent to HC2 Chairman, President and
Chief Executive Officer Philip A.
Falcone.
HC2 Holdings, Inc.
450 Park Avenue
30th Floor
New York, NY 10022
Attn: Philip A. Falcone
Dear Mr. Falcone:
The Board of Directors of The Andersons, Inc. (the "Company")
has received your letter, dated June 2,
2016, restating your proposal that HC2 Holdings, Inc.
acquire all of the outstanding shares of the Company for
$37.00 per share in cash.
As I indicated to you in writing on April
4, 2016, the Board of Directors unanimously rejected your
$37.00 per share proposal,
determining that it undervalued The Andersons and was not the basis
for further engagement. Rather than increasing your proposal
to a level that is credible, your June
2 letter restates your previously rejected offer. You
also restate a prior proposal to break up the Company by acquiring
the Grain and Rail businesses, and now further propose to break up
the Company by acquiring the Grain, Rail and Ethanol businesses.
The Board of Directors will carefully consider your letter
and your latest proposal and evaluate whether that proposal is in
the best interests of the Company and its shareholders.
Sincerely,
Michael J. Anderson,
Chairman of the Board of Directors
cc: Board of Directors
Patrick E. Bowe
Naran
U. Burchinow
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.
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SOURCE The Andersons, Inc.