Homeowners, 21st Century talks perplexing

The target called the offer “wholly inadequate.” The potential buyer said the behavior was “absolutely stunning.”

When you read the back-and-forth between the two, you can tell there's more to the story of Homeowners Choice Inc.'s offer to acquire 21st Century Holding Co.

The insurance company's offer, worth approximately $40 million in cash and Homeowners common stock (NASDAQ: HCII), was thoroughly denied by 21st Century (NASDAQ: TCHC) on Thursday.