Despite Monsanto rejecting a takeover bid by Bayer AG, Bloomberg reports Bayer has secured $67 billion in financing for the proposal.
Bayer reportedly picked five individual banks to each provide about $12.5 billion in short-term loans to secure financing.
The loan reportedly includes an option to be increased should the company bump its current offer of $122 per share.
According to a report by Reuters, the loan totals 60 billion euros, or $67 billion, and can be expanded up to 75 billion euros.
Monsanto has rejected Bayer’s initial $62 billion buyout offer, claiming the proposal was too low.
Acquiring Monsanto would make Bayer the world’s biggest supplier of farm chemicals and seeds.
