Monsanto Terms Bayer's Revised Proposal As Inadequate And Insufficient

Monsanto Company MON disclosed Tuesday that its Board has unanimously rejected Bayer AG's revised proposal. The company termed it as financially inadequate and insufficient to ensure the deal certainty.

However, Monsanto indicated its willingness to remain open to continued, as well as constructive conversations with Bayer and other parties. This was to assess whether a transaction in the best interest of its shareholders could be realized. The company said there was no guarantee that any deal would struck or consummated, or on what terms.

Related Link: Citi Analysts Respond To Recent Monsanto Deal Talk

Last week, Bayer sweetened its proposal to buy the company for $125 a share compared to the earlier proposal of $122 a share. This meant a total transaction value of about $65 billion.

Following this, the stock traded down by 0.85 percent in the pre-market trading on Tuesday, but leveled off by the open.