Bayer AG boosted its takeover offer for Monsanto Co. to about $65 billion in a bid to overcome the U.S. seed company’s resistance to the tie-up and join a parade of consolidation in the agriculture industry.
The German drugs-to-chemicals conglomerate said it had formally raised its all-cash offer for Monsanto by $3 a share to $125 a share after negotiations between the two companies, which had been going on behind closed doors, broke down last week.
"We are convinced that this transaction is the best opportunity available to provide Monsanto shareholders with highly attractive, immediate and certain value," said Werner Baumann, Bayer’s chief executive. "Bayer is fully committed to pursuing this transaction."
Mergers in the sector recently include: at the end of December 2015, Dow Chemical Co and DuPont merged. This year, Syngenta entered an acquisition deal with China National Chemical Corporation (ChemChina). Bayer Garden sold to SBM Développement this spring.SumOfUs, an international corporate watchdog, said 500,000 people have signed a petition opposing the potential merger of Monsanto and Bayer at https://actions.sumofus.org/a/stop-the-bayer-monsanto-mega-merger