Monsanto Rejects Bayer’s Buyout Offer

Monsanto Company has rejected the $62 billion buyout bid from Bayer AG. Monsanto announced today that its Board of Directors unanimously views the Bayer AG buyout proposal “as incomplete and financially inadequate.”

But in a press release Monsanto said it is “open to continued and constructive conversations to assess whether a transaction in the best interest of Monsanto shareowners can be achieved.”

“We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,” said Hugh Grant, Monsanto Chairman and CEO. “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.”

There is no assurance that any transaction will be entered into or consummated, or on what terms, the release stated and that Monsanto’s board “has not set a timeline for further discussions and Monsanto does not intend to make further comment at this time”

Source: AgFax

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