MAUMEE, OHIO, U.S. — Following The Andersons’ announcement on May 18 that it has rejected two unsolicited takeover bids from HC2 Holdings Inc., the company’s stock price increased 23.63% in trading on the New York Stock Exchange.

The stock (ANDE) closed at $32.07 per share, up $6.13 from a close of $25.94 per share on May 17.

On May 18, The Andersons made public two acquisition proposals it has received from HC2, saying that both undervalued the company and were not in the best interests of the company, its shareholders and other stakeholders. 

HC2 made an offer on Jan. 29 of $35 per share in cash. Another proposal was submitted on March 22 for $37 per share in cash, for a total value of $1 billion.

In a letter to Board Chairman Michael Anderson, HC2 made an alternative offer of $950 million for the Grain Group (excluding the investments in Lansing and Thompson’s) and the Rail Group. HC2 said it would provide stalking horse bids for each of the remaining assets including the Ethanol Group, Nutrient Group, Retail and the investments in Lansing and Thompson’s.