Falcone Under Fire For Schuff International’s Tender Offer

Philip Falcone’s new investment vehicle, HC2 Holdings Inc (OTCMKTS:HCHC), is being attacked by critics for its move to take over a little known but profitable steel fabricator, Schuff International, Inc (OTCMKTS:SHFK). The company’s shares are traded in the over-the-counter market. The investment vehicle floated a tender offer last week for Schuff shares to consolidate its ownership in the firm. HC2 acquired 65% in May Falcone, founder of Harbinger Capital Management, created HC2 Holdings this spring from a shell company that’s also off the main exchanges. The investment vehicle acquired a 65% stake in Schuff International in May from its controlling family….