Monsanto Co, the world’s largest seed company, turned down Bayer AG’s $62 billion acquisition bid as “incomplete and financially inadequate” on Tuesday, but said it was open to engage further in negotiations, reports Greg Roumeliotis on Reuters.com.
Monsanto’s decision, first reported earlier on Tuesday by Reuters, puts pressure on Bayer to decide whether to raise its bid, even as the company faces criticism from some shareholders that its $122-per-share cash offer is already too high.
Monsanto shares ended trading up 3.1 percent at $109.3 in New York, substantially below Bayer’s bid price, underscoring some investor skepticism that a deal can be done. Bayer shares rose 3.23 percent at 87.15 euros in Frankfurt.
Read the full story on Reuters.com.
