The Andersons rejects $1 billion buyout offer for failure to provide value

In Ohio, The Andersons has rejected a more than $1 billion buyout offer from hedge fund manager HC2 Holdings because it says the offer for the grains and ethanol firm undervalues the company. The offer is based on $37 per share, above from the recent trading levels of $32 per share. The fund manager said the company was poorly managed and failed to take advantage of synergies, which The Andersons denied. HC2 also said it would buy two of the five segments, cereals and rail, for $950 million, in essence saying the ethanol and other segments are valued at $50 million or less.