Syngenta has rejected a renewed acquisition bid from Monsanto, describing the offer of a reverse break-up fee of $2 billion as “paltry” and maintaining that anti-trust concerns have not been adequately addressed. Monsanto’s latest offer on June 6th represents “the same inadequate price, same inadequate regulatory undertakings to close, same regulatory risks and same issues associated with dual headquarters’ moves”, Syngenta states. “As such, we have reiterated our prior rejection of Monsanto’s proposal.” Monsanto sought to acquire Syngenta for CHF 449 ($477 at the current rate) per share in April. The Swiss company rejected that bid, saying that it undervalued Syngenta’s prospects and underestimated the significant execution risks. Monsanto subsequently resolved to divest all of Syngenta’s seed and trait business and certain overlapping agrochemical assets to secure competition authority approval for the proposed acquisition.
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