The multinational giants continue to haggle over the urge to merge.
U.S. seed company Monsanto Co turned down a sweetened $64 billion acquisition offer from Bayer AG but said it was open to further talks with the German healthcare and chemicals group as well as other parties.
The widely expected rejection puts pressure on Bayer to sweeten its offer once again, at least enough to get access to Monsanto’s books. The two companies have been in negotiations about a potential confidentiality agreement, Reuters reported on Monday.
Monsanto said on Tuesday its board unanimously viewed Bayer’s latest bid as “financially inadequate and insufficient to ensure deal certainty.”
“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 share owners can be realized,” the company said.