ST. LOUIS (KTVI) – Agro giant Monsanto has turned down Bayer’s $62 billion offer to buy the company.
Our partners at the St. Louis Post-Dispatch report Monsanto’s board of directors remains open to negotiations with the German drug maker, but said Bayer’s offer was “incomplete and inadequate.”
Monsanto, based in Creve Coeur, declined further comment.
Bayer has three options in response: raise its offer, mount a hostile takeover bid, or walk away from the deal altogether. It’s not clear how much Bayer would have to offer to complete a successful bid.
No timetable was given for potential future negotiations.