Bayer Ups The Ante On Monsanto Offer

Bayer AG says talks with Monsanto Co. have advanced, and it is now willing to offer more than $65 billion, a 2% increase on its previous offer for the world’s largest seeds company, according to reports from a group of Reuters.com reporters published Tuesday morning.

“Both sides are gradually nearing consensus,” one person familiar with the matter said.

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Monsanto has also agreed to open its books for Bayer to conduct due diligence checks on the company’s business, two sources close to the matter said.

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Bayer’s previous offer was already the largest all-cash takeover bid on record with a deal with Monsanto aimed at giving the German company a shot at grabbing the top spot in the fast-consolidating farm supplies industry, combining its crop science business with Monsanto’s strength in seeds.

Bayer now says it is prepared to offer $127.50 per share in a negotiated deal, up from its previous offer of $125 per share.

Read the full story on Reuters.com.

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