Andersons has been "poorly managed," HC2 said, citing weak earnings and a $100 million budget for a new corporate headquarters.
Bowe, 57, became Andersons' CEO and president in November after a career at global commodities trader Cargill.
Under the previous CEO, Andersons began building a new 138,000 square-foot headquarters near its current home base in Maumee, Ohio, which it leases.
Jim Burmeister, treasurer of Andersons, declined to reveal the cost of the new headquarters to Reuters on Monday.
HC2, which holds a stake in Andersons, said as an alternative to acquiring the entire company it was willing to buy the company's grain and rail businesses for $950 million. In addition, it would also make stalking horse bids for each of the company's remaining assets, HC2 said.
A "stalking horse" bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company.
— CNBC contributed to this report.