CHESTERFIELD, MO (KTVI) - In a near unanimous vote, shareholders at Creve Coeur-based Monsanto approved a merger with Bayer AG.
Approximately 99 percent of all votes cast were in favor of the merger.
The $66 billion merger between Monsanto and Bayer was announced back in September. That price comes out to $128 per share for Monsanto shareholders.
Monsanto's management had already agreed to the buyout terms, including the share price. Bayer said that the agricultural side of the combined companies would remain in St. Louis if the merger goes through.
When the potential deal was announced, the companies said that the merger would add a half billion dollars to their collective bottom lines over the next three years.
Bloomberg news reported that a lawsuit filed by a Monsanto shareholder to stop the merger had been thrown out by a St. Louis county judge. The suit alleged that Monsanto share are worth more than the $128 bid and that Monsanto`s board of directors breached their fiduciary responsibilities by accepting Bayer's offer.
Even with the judge's decision, the case could be refiled in Delaware, where Monsanto is chartered.