Monsanto Co., the world’s largest seed company, has still not opened its books more than two weeks after it rejected Bayer AG’s $62 billion acquisition offer but left the door open to a possible deal, according to people familiar with the matter.
The impasse shows that little progress in negotiations has been made since Monsanto turned down the offer on May 24 but said it was open to “continued and constructive conversations.”
Monsanto has said that Bayer’s offer “significantly undervalues (the) company,” but Bayer has no plans to increase its offer without first reviewing Monsanto’s confidential financial information to determine whether it can pay a higher price, the sources said on condition of anonymity because of the confidentiality of the talks.
Bayer’s unsolicited bid for Monsanto is the largest all-cash takeover on record, according to Thomson Reuters data, just ahead of InBev SA’s $60.4 billion offer for Anheuser-Busch in June 2008.
Read more: St. Louis Post-Dispatch