Monsanto to reject Bayer bid, seek higher price: Sources

The Monsanto logo at the firm's manufacturing site and operations centre at in Lillo near Antwerp, on May 24, 2016. PHOTO: AFP

NEW YORK (REUTERS) - Monsanto Co will reject Bayer's US$62 billion (S$85.5 billion) acquisition bid and seek a higher price, two people familiar with the matter said on Tuesday.

While Monsanto sees industrial logic in a combination with Bayer and believes a deal would be approved by antitrust and other regulators, the company also has confidence in its standalone plan and believes shareholders deserve a better offer, the people said. They asked not to be identified because the deliberations are confidential.

The German drugs and crop chemicals group said on Monday it offered Monsanto US$122 per share. It was not clear what price Monsanto would be willing to sell for.

Monsanto and Bayer representatives did not immediately respond to requests for comment.

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