Monsanto has rejected a second attempt by Bayer AG to purchase Monsanto. The Wall Street Journal Reports a second offer, that did not offer more money, requested detailed business information, known as due diligence, which Bayer said could lead to a higher offer. Monsanto saw the offer as little changed compared to the $62 billion proposal Bayer originally offered. Monsanto is refusing to grant such access until Bayer raises its bid. Monsanto also asked for clarity on other matters including regulatory risks before agreeing to a deal. Bayer has secured the financing needed to complete the original proposal.
The deal would combine Monsanto, the biggest seed provider with a leading position in biotech crop development, with Bayer, which has a robust lineup of pesticides but a smaller presence in major crops like corn and soybeans.
Source: NAFB News Service