Monsanto Drops Current Bid For Syngenta Acquisition
August 27, 2015 Despite Monsanto Co.’s belief that a combination with Syngenta would have created tremendous value for shareowners of both companies and farmers, one major piece of the puzzle has not fallen into place.
Syngenta has communicated that Monsanto’s enhanced proposal of $46.2 billion did not meet financial expectations.
Monsanto confirmed it communicated a revised proposal on August 18 to Syngenta to combine the two companies. This was submitted after Monsanto’s initial bid of $45 billion was rejected.
According to Monsanto, it will continue its focus on opportunities within its existing core business and resume the implementation of its approved share repurchase program as soon as practical. In addition, Monsanto management confirmed its confidence in delivering its five-year plan to more than double fiscal-year 2014 ongoing earnings per share by 2019.
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