Investing.com - German drugs and chemicals manufacturer Bayer (DE:BAYGN) on Monday revealed it had made an offer of $122 a share in cash for Monsanto (NYSE:MON), valuing the U.S. seed company at $62 billion.
If the deal comes off it would create the world’s biggest supplier of agricultural products.
Bayer said its bid represents a 37% premium on Monsanto’s closing share price on May 9 when rumours of an offer started to emerge. Monsanto’s management last week confirmed it had received an unsolicited bid for the company.
Bayer’s shares were down over 3.93% at 0500ET.