Bayer AG’s success with its fourth offer for Monsanto Co. in four months did little to ease skepticism that the takeover will be completed, if Monsanto’s shares are any guide. The gap between the stock’s price and the per-share value of Bayer’s $66 billion proposal was as wide at $21.65 a share in early trading Wednesday. The spread exceeded an average of $17.75 between May 18, when Monsanto first confirmed it received an offer, and Tuesday.
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