Deals
Monsanto Rejects $62 Billion Bayer Bid, Still Open to Talks
- Seed company says it’s ‘significantly’ undervalued by bid
- Monsanto says offer doesn’t adequately address execution risks
Monsanto Rejects $62 Billion Bayer Takeover Offer
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Monsanto Co. rejected a $62 billion takeover offer from Bayer AG as too low while saying it’s still open to further deal talks, putting pressure on the German company to raise a bid that has already sent its stock tumbling.
Bayer’s $122-a-share offer also doesn’t "adequately address or provide reassurance for some of the potential financing and regulatory execution risks" related to the deal, St. Louis-based Monsanto’s Chief Executive Officer Hugh Grant said Monday in a statement. Monsanto’s board was unanimous in its rejection of the bid, according to a person with knowledge of the matter.