Monsanto Rejects Bayer’s $62B Bid, But Open To More Talks

Monsanto Co., the world’s largest seed company, turned down Bayer AG’s $62 billion acquisition bid as “incomplete and financially inadequate” on Tuesday, but said it was open to engage further in negotiations.

Monsanto’s decision, first reported earlier on Tuesday by Reuters, puts pressure on Bayer to decide whether to raise its bid, even as the company faces criticism from some shareholders that its $122-per-share cash offer is already too high. The other options are to walk away, or mount a hostile bid.

Bayer offered no immediate comment.