Monsanto has rejected the $81 billion (Cdn) bid from Bayer
AG, but thinks a merger would be good.
It wants more money and indicates that Bayer needs to do
some more work on its bid.
“We believe in the substantial benefits an integrated
strategy could provide to growers and broader society, and we have long
respected Bayer’s business,” said a news release from Monsanto’s chief
executive officer Hugh Grant.
“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,” he said.
Bayer says it’s confident it can satisfy Monsanto.
