Monsanto Confirms Updated Buyout Offer From Bayer

(RTTNews) - Monsanto Co. (MON) confirmed it has been engaged in constructive negotiations with Bayer AG (BAYZF.PK, BAYRY.PK, BYR.L), during which it has received an updated non-binding proposal for a potential acquisition of Monsanto for $127.50 per share in cash.

Monsanto noted that it is continuing these conversations as it evaluates this proposal, as well as proposals from other parties and other strategic alternatives to enable its Board of Directors to determine if a transaction in the best interests of its shareowners can be realized.

Earlier, Bayer said it would be prepared to provide a transaction consideration of $127.50 per Monsanto share only in connection with a negotiated transaction. There can be no assurance that the parties will enter into an agreement.

Bayer had submitted an initial offer for Monsanto on May 23 and offered $122 per Monsanto share. Monsanto in July had rejected a sweetened $64 billion takeover offer from Bayer, stating it as financially inadequate and insufficient to ensure deal certainty. But, Monsanto later allowed Bayer to access to its financial accounts to conduct due diligence.