- HC2 Holdings (HCHC) lifts its offer for MCG Capital (MCGC) by a nickel to $5.30 per share in stock and cash. Additionally, after hearing from certain sizable MCG shareholders in favor of HC2's proposal, Falcone is offering an option for owners to receive $4.80 in HC2 preferred stock instead of common stock.
- The newly-created preferred shares would carry a dividend yield of 8.125%. The common stock would be subject to a customary 20% symmetrical collar.
- The cash portion under either option is $0.50 per share.
- Source: Press Release
- MCGC closed the day's session up 0.65% at $4.65.
- PennantPark Floating Rate Capital's (PFLT) offer remains at $4.75 in stock and cash.
- Previously: Falcone fires back at MCG Capital (June 2)
- Previously: Fight between Phil Falcone and MCG Capital gets dirty (June 2)