Monsanto shares gain over 6% on Bayer open offer

Shares of Monsanto India rose by over 6 per cent today after German pharma and chemical major Bayer group announced mandatory open offer to buy up to 26 per cent additional stake in the company for over Rs 1,100 crore.
The scrip jumped 5.99 per cent to Rs 2,540 on BSE.
At NSE, shares of the company surged 6.16 per cent to Rs 2,539.50.
Bayer group yesterday announced mandatory open offer to buy up to 26 per cent additional stake in Monsanto India for over Rs 1,100 crore following its global deal to acquire US-based biotech major.
In the open offer, Bayer will acquire up to 44,88,315 shares of Monsanto India from public shareholders at a price of Rs 2,481.60 apiece.

The offer price is 4 per cent higher than the Monsanto India's closing rate of Rs 2,390 per share yesterday on BSE.

On September 14, Bayer AG announced acquisition of Monsanto for USD 66 billion to create the world's biggest seed and pesticide firm.
After completion of the proposed deal, Bayer group will be indirectly acquiring the 72.14 per cent voting share capital of the Monsanto India, triggering into launch of an open offer for the shareholders of the Monsanto India Ltd.
Monsanto group holds 72.14 per cent stake in Monsanto India Ltd as on June 30, 2016, according to regulatory filing.