Monsanto Reportedly Meets With Syngenta Shareholders To Push For Buyout Talks

(RTTNews) - Seed maker Monsanto Co (MON) met this week with Syngenta (SYT) shareholders in a bid to pressure the Swiss rival into negotiations after a $45 billion takeover offer was rejected, according to reports.

Syngenta has said Monsanto's bid of 449 Swiss francs per share undervalues Syngenta and overestimates the chances of a combination passing regulatory muster. Syngenta reiterated that position after Monsanto on Sunday offered to pay Syngenta a $2 billion reverse break-up fee if competition authorities blocked a combination.

Monsanto's vice president of strategy, Scott Partridge, reportedly said Monsanto has no plans to raise its current offer for Syngenta, which he said is "very attractive" and represents a 43% premium to Syngenta's share price before the deal talks were reported in late April. Monsanto could raise its offer if Syngenta enters formal negotiations and opens its books, which would give Monsanto a better idea of potential cost savings in a deal.