Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Monsanto on Tuesday rejected a second and richer takeover bid from Bayer.
The German drug and chemicals company last week boosted its offer from $62 billion, to about $65 billion, or $125 per share.
Monsanto Co., a seed company, called the revised offer inadequate, as it did the initial bid.
The St. Louis company said that it remains open to talks with Bayer and others about a deal.
Bayer on Tuesday said that it was disappointed with the second rejection, and took a shot at the company in a written statement.
"The revised all-cash offer is a compelling opportunity and represents immediate and certain value for Monsanto shareholders amid recent weak business performance and Monsanto's reduced mid-term outlook," Bayer said.
It said it looked forward to further negotiations.
Shares of Monsanto shed 11 cents to $106.20 in afternoon trading.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
