Monsanto discussing "alternative strategic options" with Bayer after rejecting $62bn bid

 
William Turvill
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Bayer made a $62bn offer for Monsanto last month (Source: Getty)

US seed company Monsanto has said it is discussing “alternative strategic options” with Bayer after it rejected the German company’s $62bn (£46bn) takeover offer last month.

Reporting its third-quarter results today, the US firm said it had “no formal update” on the Bayer offer.

Read more: Analysts expect improved Monsanto offer. Bayer shareholders may be unhappy

But chairman and chief executive Hugh Grant added: “I have been personally in discussions with Bayer’s management over the last several weeks, along with others regarding alternative strategic options.

“We continue to recognise the potential value these types of combinations can create as they accelerate innovation and increase choice for farmers across a broader set of crops, geographies and production practices, while improving the sustainability of agriculture around the world.

“That is why we remain open and will continue to actively engage in constructive dialogue to pursue value enhancing strategic options.”

Read more: Bayer's Monsanto bid: Are European firms about to take over the world?

Earlier this month, Bayer’s chief executive said its attempted takeover of Monsanto would be a “marathon rather than a sprint”.

Shareholders and analysts have told City A.M. they expect Bayer to improve its offer.

Monsanto's share price was up two per cent to $103.99 on Wednesday morning in the US.

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