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The Andersons rejects takeover bid

9406543_origOhio based The Andersons, Inc. has rejected two unsolicited proposals from New York based HC2 Holdings, an investment firm, to acquire all outstanding shares of the company.

The Andersons claim HC2’s proposals significantly undervalue the company and the acquisition is not in the best interest of the company or its shareholders or other stakeholders.

In a release, chairman Mike Anderson said HC2’s proposals represent an opportunistic attempt to acquire the company at a low point in the industry cycle.

On January 29, 2016 The Andersons received a private, unsolicited proposal from HC2 to purchase the company for $35 per share in cash.  On March 22, another proposal was submitted with an offer of $37 per share in cash.

The Board of Directors rejected both offers.

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