Monsanto Rejects Bayer Bid, But Open to More Talks

Monsanto Co, the world’s largest seed company, turned down Bayer AG’s $62 billion acquisition bid as “incomplete and financially inadequate” on Tuesday, but said it was open to engage further in negotiations.┬áMonsanto’s decision, first reported earlier on Tuesday by Reuters, puts pressure on Bayer to decide whether to raise its bid, even as the company faces criticism from some shareholders that its $122-per-share cash offer is already too high.┬áMonsanto shares ended trading up 3.1 percent at $109.3 in New York, substantially below Bayer’s bid price, underscoring some investor skepticism that a deal can be done. Bayer shares rose 3.23 percent at 87.15 euros in Frankfurt.

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