UPDATE: Monsanto Views Bayer’s Current Proposal as Incomplete, Financially Inadequate
On May 24, 2016, Monsanto announced its Board of Directors unanimously views the Bayer AG proposal as incomplete and financially inadequate, but is open to continued and constructive conversations to assess whether a transaction in the best interest of Monsanto shareowners can be achieved.
Agrimoney.com is reporting that on Monday Bayer revealed it had offered $62 billion in cash for U.S.-based Monsanto, “which would be the biggest foreign takeover by a German group."
Last week, Bayer said that it had “recently met” Monsanto executives to discuss buying the world’s largest supplier of crop seeds. Yesterday (May 23) it said it was offering $122 per share for Monsanto, valuing the stock at about $53 billion, with debt accounting for the other $9 billion.
According to Agrimoney.com, the offer is equivalent to a 37% premium to the Monsanto share price before rumors of a Bayer offer.
Bayer posted this press release about the announcement:
