Monsanto rejects Bayer's $62B bid

St. Louis-based agritech company Monsanto's board of directors yesterday rejected Bayer AG’s $62 billion buyout offer.

Noting the deal was incomplete and financially inadequate, Monsanto board members said they were open to further discussion with the German chemical and pharmaceutical company.

"The current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition," Monsanto Chairman and CEO Hugh Grant said in a news release.

Read more from the St. Louis Business Journal.