Newspaper article International New York Times

Monsanto Rejects New Bayer Bid

Newspaper article International New York Times

Monsanto Rejects New Bayer Bid

Article excerpt

The maker of genetically modified crop seeds said that its board viewed Bayer's new takeover bid of $125 a share in cash, up from an initial $122 a share, as too cheap.

Monsanto, the American maker of genetically modified crop seeds, rejected on Tuesday a revised takeover bid by Bayer of Germany as too cheap, an expected move that prolongs the bidding contest for the company.

In a short statement, Monsanto said that its board viewed Bayer's new takeover bid of $125 a share in cash, up from an initial $122 a share, as "financially inadequate and insufficient to ensure deal certainty." Bayer revealed its first bid in May and offered the revised deal earlier this month.

The rejection suggests that Bayer's other main deal sweetener, a $1.5 billion breakup fee, was not enough to allay Monsanto's concerns about the risks of government regulators blocking the transaction. …

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