Monsanto is preparing to reject a $62 billion takeover bid

Monsanto will reject Bayer takeover bid

Monsanto is preparing to reject a $62 billion takeover offer from German pharmaceutical giant Bayer, according to Reuters.

Bayer announced the unsolicited offer on Monday. The offer would include a 37% premium over the $122-a-share price before the news broke.

Bayer CEO Werner Baumann said on Monday, “We fully expect a positive answer of the Monsanto board of directors.”

Monsanto has not issued a public statement since Bayer announced its offer. However, the company acknowledged the receipt of a takeover offer last week in response to media reports that an offer was made.

Morgan Stanley and the boutique bank Ducera are advising Monsanto, while Credit Suisse, Bank of America, and Rothschild are advising Bayer.