Monsanto to Syngenta: Give us data or forget $45 billionStaff writer ▼ | June 11, 2015
Monsanto has ruled out raising its non-binding $45 billion offer for Swiss rival Syngenta unless the target company gives it access to business data.
Possible acquisition Monsanto not ready to raise the offer just like that
Syngenta confirmed it had not granted the suitor access to privileged business data.
"Monsanto is a competitor to many aspects of Syngenta's business. It would be madness to let a company see Syngenta's books without adequate assurance on the considerable regulatory risks, and with an offer price which is clearly unacceptable," a spokesman said.
A Monsanto spokesperson said, "Based on public information, our proposal of 449 CHF per share represents full and compelling value for Syngenta. If Syngenta can provide us access to due diligence as to its strategic plans and other non-public information, and if that information shows results or synergy potential that exceeds what we and investors have assumed based on public information, we would consider that new information in order to refine our view on value.”
Separately, Monsanto executive Scott Partridge on National Public Radio on Tuesday said there was no going beyond the 43 percent premium the suitor was prepared to pay, when compared to the stock price before media reports of an approach emerged.
"We're not preparing to make another bid. We believe the bid we've made is more than generous," Partridge said. ■