BERLIN - German pharmaceuticals and chemicals giant Bayer said Thursday it had raised its offer to take over US seeds and pesticides maker Monsanto.
Bayer raised its offer to take over Monsanto
"Bayer has raised its all-cash offer to Monsanto shareholders from $122 to $125 per share" this month, the company said in a statement.
Merger talks between the two groups to create a new world leader in seeds, pesticides and genetically modified (GM) crops have been gridlocked for weeks.
Bayer, inventor of the painkiller Aspirin, said that over the past several weeks, it had "engaged in private talks with Monsanto".
Bayer CEO Werner Baumann said "We are convinced that this transaction is the best opportunity available to provide Monsanto shareholders with highly attractive, immediate and certain value.
"Bayer is fully committed to pursuing this transaction."
Bayer said it had "comprehensively addressed Monsanto's questions concerning financing and regulatory matters and is prepared to make certain commitments to regulators, if required, to complete the proposed acquisition of Monsanto."
It said it had also offered a $1.5 billion reverse antitrust break fee -- payable if a proposed deal fails to gain antitrust approvals -- saying this was "reaffirming its confidence in a successful closing".
Leverkusen-based Bayer said its offer "fully captures the intrinsic value of Monsanto, and shares the synergy benefits that the combination would create".