Mumbai: German chemicals and pesticides giant Bayer has made a $122 per share all-cash hostile bid offer for another giant competitor Monsanto valuing the US-based Monsanto at $62 billion. It reinforces Bayer as a global innovation-driven life science company with leadership positions in its core segments.
Putting at rest rumours of the takeover bid, Bayer said this offer, based on Bayer’s written proposal to Monsanto dated May 10, represents a substantial premium of 37 per cent over Monsanto’s closing share price of $89.03 on May 9, 2016.
Werner Baumann, CEO of Bayer AG said “We have long respected Monsanto’s business and share their vision to create an integrated business that we believe is capable of generating substantial value for both companies.”
