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.