Monsanto Says Bayer's Revised Offer Financially Inadequate - Quick Facts

(RTTNews) - Monsanto Co. (MON) said its board of directors unanimously views Bayer AG's (BAYZF.PK, BAYRY.PK, BYR.L) revised proposal as financially inadequate and insufficient to ensure deal certainty.

Monsanto added that it 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 shareowners can be realized.

There is no assurance that any transaction will be entered into or consummated, or on what terms, Monsanto said.

Morgan Stanley & Co. and Ducera Partners are acting as financial advisors, and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Monsanto.

Last Thursday, Bayer said it has raised its all-cash offer to Monsanto shareholders from $122 to $125 per share verbally on July 1 and in an updated proposal submitted to Monsanto on July 9.