Monsanto Co (MON.N) will reject Bayer AG's (BAYGn.DE) $62 billion acquisition bid and seek a higher price, two people familiar with the matter said on Tuesday.
While Monsanto sees industrial logic in a combination with Bayer and believes a deal would be approved by antitrust and other regulators, the company also has confidence in its standalone plan and believes shareholders deserve a better offer, the people said. They asked not to be identified because the deliberations are confidential.
The German drugs and crop chemicals group said on Monday it offered Monsanto $122 per share. It was not clear what price Monsanto would be willing to sell for.
Monsanto and Bayer representatives did not immediately respond to requests for comment.
(Reporting by Greg Roumeliotis in New York; Additional reporting by Mike Stone in New York and Pamela Barbaglia and Lina Saigol in London; Editing by Tiffany Wu)
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Updated Date: May 24, 2016 20:13 PM