NEW YORK (AP) -- Monsanto is rejecting Bayer's $62 billion takeover bid, calling it "incomplete and financially inadequate.
However, the seed company suggested Tuesday that a higher bid might be accepted, saying that it remains open to talks.
Monsanto Co. Chairman and CEO Hugh Grant also said in a release that the initial offer failed to address potential financing and regulatory risks.
Bayer, a German drug and chemicals company, made an all-cash bid that valued Monsanto's stock at $122 each.
A combination of the two businesses would create a giant seed and farm chemical company with a strong presence in the U.S., Europe and Asia.