Monsanto Co. rejected Bayer AG’s $62 billion takeover offer as too low on Tuesday, but the biotech seed giant said it remained open to further deal talks—which Bayer said it found encouraging. Monsanto’s move, which was widely expected, puts pressure on the German pharmaceutical and chemical conglomerate to sweeten its offer.
Late Tuesday, Bayer released a statement that indicated that its USD 122 per share all-cash proposal provides full and certain value for Monsanto shareholders. “We are pleased that Monsanto’s Board shares our belief in the substantial benefits an integrated strategy could provide to growers and broader society,” said Werner Baumann, CEO of Bayer AG. “We are confident that we can address any potential financing or regulatory matters related to the transaction. Bayer remains committed to working together to complete this mutually compelling transaction.”