Shame on you guys for not taking this deal. Your now lower than you were and they are almost double.
21st Century Holding Company (Nasdaq: TCHC) today announced that its Board of Directors, after careful consultation with its financial advisors and legal counsel, has unanimously determined that the unsolicited proposal by Homeowners Choice, Inc. (Nasdaq: HCII) to acquire all outstanding shares of 21st Century common stock for approximately $5.30 per share in cash and stock is wholly inadequate and not in the best interest of the company's shareholders.
"We believe the proposal substantially undervalues the assets and earnings potential of 21st Century," said Bruce Simberg, Chairman of the Board of Directors. "The proposal does not take into account the premium growth initiatives that the company has already started to implement, including our recently announced premium rate increases, our continued multi-state diversification into additional lines of insurance, and our improved investment portfolio management, which we expect will result in sustainable future profits.