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Share Name | Share Symbol | Market | Type |
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Dow Inc | NYSE:DOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.73 | 1.28% | 57.63 | 57.95 | 56.43 | 57.00 | 5,116,913 | 00:20:59 |
Monsanto Co. on Tuesday rejected Bayer AG's revised $65 billion takeover proposal as "financially inadequate" and "insufficient to ensure deal certainty."
The U.S. seed giant, however, said it remains open to discussing a tie-up with the German life-sciences company "and other parties."
Last week, Bayer boosted its offer for Monsanto in a bid to overcome the company's resistance to the merger and join a parade of consolidation in the agriculture industry.
Bayer made the new $125-a-share offer verbally on July 1 and more formally eight days later, it said in a statement Thursday confirming an earlier report by The Wall Street Journal. The new bid represents a $3-a-share bump from an earlier proposal Monsanto rejected as too low.
Bayer is pursuing what would be the latest in a succession of multibillion-dollar merger agreements in the $100 billion global market for agricultural seeds and pesticides, which has struggled with a slide in crop prices. Dow Chemical Co. and DuPont Co. struck a merger deal in December, and Switzerland's Syngenta AG-which Monsanto unsuccessfully pursued last year-agreed in February to a $43 billion takeover by China National Chemical Corp.
A deal would also reshape Bayer itself, making agriculture roughly half its overall sales, which has rattled some investors who view the company more as a health-care player than a producer of crop seeds.
Shares of Monsanto fell 1.5% in premarket trading to $104.80.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
July 19, 2016 08:45 ET (12:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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