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Monsanto rejectds $62B Bayer bid, but still open to talks

Monsanto says Bayer's $62B takeover offer is 'incomplete and financially inadequate'

Monsanto rejectds $62B Bayer bid, but still open to talks

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.


Updated : 2021-07-24 13:14 GMT+08:00