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Monsanto rejects $62-bn Bayer offer

Seeks higher price, say sources

Monsanto Bayer

Bloomberg  |  London 

Monsanto Co rejected a $62-billion takeover offer from Bayer AG as too low, while saying it remains open to further deal talks, putting pressure on the German company to raise a bid that has already sent its stock tumbling. "We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer's business," Monsanto Chief Executive Officer Hugh Grant said in a statement Tuesday. "However, the current proposal significantly undervalues our company and also does not adequately address or provide ...

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First Published: Wed, May 25 2016. 00:20 IST