Jul 19, 2016Monsanto rejects second Bayer proposal
Monsanto’s board of directors viewed the revised proposal as financially inadequate and insufficient to ensure deal certainty, according to the company.
The all-cash offer of $125 per share was submitted to Monsanto on July 9. A $1.5 billion reverse antitrust break fee was also included in the offer.
At the time the revised proposal was submitted, Bayer AG said it had comprehensively addressed Monsanto’s questions concerning financing and regulatory matters and is prepared to make certain commitments to regulators, if required, to complete the proposed acquisition of Monsanto.”
Monsanto rejected an original $62 billion proposal from Bayer in May.
“Monsanto remains open to continued and constructive conversations with Bayer and other parties to assess whether a transaction that the board believes is in the best interest of Monsanto shareholders can be realized,” according to the company.