Monsanto rejects Bayer’s $62 billion offer
World’s largest seed maker Monsanto (NYSE: MON) has rejected the $62 billion takeover offer from Germany’s Bayer AG (ETR: BAYN) saying the deal was incomplete and financially inadequate, but added it was open to further talks.
Monsanto shares ended up over 3% Tuesday on the New York Stock Exchange.
Monsanto’s chief executive Hugh Grant, said: “We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business. However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.”
On Monday, the pharma and crop sciences giant, Bayer, made an unsolicited $62 billion all-cash offer for Monsanto in a deal that could potentially create the largest agricultural supplier on the planet.
Werner Baumann, chief executive of Bayer, said: “Together we would draw on the collective expertise of both companies to build a leading agriculture player with exceptional innovation capabilities to the benefit of farmers, consumers, our employees and the communities in which we operate.”
The combined entity would have an imposing position in the global markets including the US, Europe and Asia.
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