German drugs and chemicals group Bayer AG said it had made an offer to buy U.S. seeds company Monsanto Co for $122 per share in cash, or a total value of $62 billion including debt, to create the world's biggest agricultural supplier. Bayer said on Monday that the proposal made to Monsanto's management represented a 37 percent premium over the closing price of Monsanto shares on May 9, before rumors of a planned bid emerged. Monsanto disclosed last week that Bayer had made an unsolicited takeover offer for the group, triggering an investor backlash in which one of the German company's major shareholders called the move “arrogant empire-building”.
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Bayer announces $62 billion cash offer for Monsanto
