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Monsanto Refuses Terms of Bayer Buyout Bid
May 24, 2016
1 Min Read
The Bayer AG cross logo
Monsanto announced Tuesday that its board of directors unanimously determined that German chemical company Bayer AG’s recent buyout offer is “incomplete and financially inadequate.”
While the St. Louis-based agricultural giant rejected the terms of Bayer’s initial proposal, the company said it is “open to continued and constructive conversations” about conditions for a future takeover that would better serve Monsanto’s shareowners.
“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’s chairman and chief executive officer Hugh Grant said in a statement. “However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.”
Monsanto’s release reminded readers that there is “no assurance” a transaction will be made between the companies. No timeline has been established to continue buyout discussions, the company said.
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