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Monsanto Co. rejected Bayer AG’s $55 billion takeover offer, leaving the German chemical giant to decide whether to raise its bid a second time in its quest to create the world’s largest producer of seeds and pesticides.
Monsanto said in a statement [July 19] that while the bid was “financially inadequate,” the company is open to further talks with Bayer and other parties about a deal. Bayer said it was “disappointed” in a statement. . . .
It’s the second time Bayer has been rebuffed by Monsanto, which rejected a $122-a-share offer in May. . . .
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Buying St. Louis-based Monsanto would give Bayer the largest seed supplier and a pioneer of crop biotechnology. The kind of genetically modified seeds Monsanto started to commercialize two decades ago now account for the majority of corn and soybeans grown in the U.S. . . .
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Farmers have seen their incomes fall in the last few years amid declining commodity prices, and that’s spurred them to increasingly demand products tailored to their needs, according to Miner. Monsanto has become over-reliant on seeds at the expense of crop chemicals such as pesticides. . . .
Read full, original post: Monsanto Rejects Bayer Offer as ‘Financially Inadequate’
