Monsanto rejects Bayer new offer

Monsanto has said Bayer AG's latest $55 billion takeover offer is "financially inadequate".

The seed and chemical multinational Monsanto said its directors "unanimously view Bayer AG’s revised proposal as financially inadequate and insufficient to ensure deal certainty".

It added: "Monsanto remains open to continued and constructive conversations with Bayer and other parties to assess whether a transaction that the board believes is in the best interest of Monsanto shareholders can be realised. There is no assurance that a transaction will be entered into or consummated, or on what terms."

Germany-based Bayer made a new offer for the fellow agro-chemical company last week.

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