HC2 Submits Revised Proposal To MCG; Offers $5.25/shr In Cash & Stock Deal

(RTTNews) - HC2 Holdings, Inc. (HCHC) announced it has sent a letter to MCG Capital Corporation (MCGC) again proposing an agreement for HC2 to acquire MCG. HC2's proposal is to acquire 100% of the common stock of MCGC on a fully-diluted basis in a cash and stock transaction in which stockholders of MCGC would receive $5.25 for each share of MCGC common stock outstanding. The consideration that HC2 is offering in its updated proposal consists of: an amount of HC2 common stock valued at $4.75; and $0.50 in cash.

HC2 believes its updated proposal to be a Superior Offer to the PennantPark transaction.