Syngenta’s board of directors has rejected an “unsolicited” acquisition proposal from Monsanto. Monsanto made the bid to acquire the Swiss company at a price of CHF 449 ($489.8) per Syngenta share with approximately 45% in cash. After a “thorough review” of all aspects of Monsanto’s offer in conjunction with legal and financial advisers, the board unanimously determined to reject Monsanto’s proposal “as it is not in the best interests of Syngenta, its shareholders and its stakeholders”. The offer fundamentally undervalues Syngenta’s prospects and underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries, the company says.
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