The Monsanto Board of Directors announced its unanimous conclusion that Bayer’s revised proposal of $65 Billion to take over Monsanto was financially inadequate and won’t provide for certainty in the deal.
The Board did say it remains open to continuing conversations with Bayer and other parties to see if a deal can be reached that would be in the best interests of Monsanto’s shareholders.
Bloomberg said at this time there isn’t any deal in the works and nothing is set in stone.
Bayer said it was disappointed by Monsanto’s reaction, calling the revised, all-cash offer a “compelling opportunity.”
A Bloomberg analyst said Bayer has enough financing available to raise it’s offer to $158 per share.
It’s the second rejection for Bayer, who had an offer of $122 a share turned down by Monsanto back in May.
Buying Monsanto would give Bayer the largest seed supplier and a leader in crop biotechnology.
