1. Bayer Sweetens Offer for Hesitant Monsanto

    Bayer Sweetens Offer for Hesitant Monsanto

    (Reuters) - German drug and crop chemical group Bayer AG on Thursday announced details of a sweetened $64 billion bid for Monsanto Co as it tries to put the U.S. seed company under pressure to engage further.

    Analysts and some Monsanto shareholders were quick to opine that Bayer's latest offer, the largest all-cash takeover bid on record, was unlikely to entice Monsanto...

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    1. We don't think the higher offer will be enough to entice Monsanto's board. ... We estimate Monsanto would be worth $130 per share in Bayer's hands, which includes our annual run-rate cost-synergy target of $1 billion.
    2. While the breakup fee begins to address one prominent concern regarding the transaction, the modest increase in the bid still does not fairly value the existing product portfolio, nonetheless Monsanto's strong product pipeline.
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