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Monsanto rejects $62-billion Bayer bid, but says it’s still open to talks

Monsanto has rejected Bayer's takeover bid, but appears to be open to higher offers.
(Seth Perlman / Associated Press)

Monsanto is rejecting Bayer’s $62-billion takeover bid, calling it “incomplete and financially inadequate.

However, the seed company suggested Tuesday that a higher bid might be accepted, saying that it remains open to talks.

Monsanto Co. Chairman and Chief Executive Hugh Grant also said in a release that the initial offer failed to address potential financing and regulatory risks.

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Bayer, a German drug and chemicals conglomerate, made an all-cash bid that valued Monsanto’s stock at $122 a share.

A combination of the two businesses would create a giant seed and farm chemical company with a strong presence in the U.S., Europe and Asia.

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