Monsanto Rejects Bayer Acquisition Proposal as Financially Inadequate

Monsanto Chairman Hugh Grant stated that Monsanto Company’s Board of Directors found $62 billion acquisition proposal from Bayer incomplete and financially inadequate.

WASINGTON (Sputnik) — Monsanto Company’s Board of Directors has found the $62 billion acquisition proposal from Bayer incomplete and financially inadequate, Monsanto Chairman Hugh Grant announced in a statement on Tuesday.

"The current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition," Grant stated.

The chairman noted, however, that Monsanto is open to engage in talks to determine whether a transaction can be achieved.

On Monday, German pharmaceuticals giant Bayer offered $122 per share to buy the US agricultural company Monsanto, saying the pesticides and fertilizers producer was "a perfect match" to the German firm’s agricultural business.

Bayer vowed to reverse Monsanto’s trend of falling revenues while being responsible about its commitment to ensure that farmers get bigger harvests without compromising the health of the environment.