Monsanto said to rebuff new Bayer offer at same price

Lydia Mulvany, Bloomberg

Monsanto Co. rejected a new acquisition proposal from Bayer AG, which was offering the same price it did in May, according to Dow Jones.

Monsanto is seeking a higher offer, Dow Jones said, citing people familiar. Bayer had initially offered to pay $122 a share on May 10 in a deal that valued Monsanto, the world’s largest seed supplier, and its debt at $62 billion. That offer was rejected on May 24 as “incomplete and financially inadequate.”

Monsanto spokeswoman Christi Dixon declined to comment on the Dow Jones reports, saying she can’t comment on rumors and speculation.

According to Dow Jones, Bayer is seeking access to detailed business information that Monsanto refuses to grant until it receives a higher offer.

The shares of St. Louis-based Monsanto fell 1.5 percent to $108.38 at 2:46 p.m. in New York.