Philip Falcone, chief executive officer and chief investment officer for Harbinger Capital Partners.
Steve Marcus | Reuters
Shares of agricultural firm Andersons rose about 23 percent Wednesday after HC2 Holdings offered to buy the company for $1 billion.
Entering Wednesday's session, Andersons' stock had fallen more than 40 percent in the past year and about 20 percent in the past month.
That said, Anderson rejected HC2's bid Wednesday morning, calling it "opportunistic."
"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," Mike Anderson, Andersons' chairman, said in a statement.
—Reuters contributed to this report.