Updated Tuesday, May 24, 3 p.m., to include Monsanto's rejection of Bayer offer - St. Louis-based crops and seeds specialist Monsanto has rejected a $62 billion offer from German drugs and chemicals company Bayer AG.
In a statement Tuesday, Monsanto called the takeover bid "incomplete and financially inadequate." However, the seed company is suggesting that a higher bid might be accepted, saying that it remains open to talks.
Monsanto Chairman and CEO Hugh Grant also said that the initial offer failed to address potential financing and regulatory risks. Bayer made an all-cash bid that valued Monsanto's stock at $122 each.
Our original story:
Bayer is making its case for buying St. Louis-based Monsanto. The German company is offering to acquire the seeds and agricultural chemical business for $62 billion. The deal could create the world’s leading company for crop protection and seeds and traits.