Switzerland's Syngenta rejects Monsanto takeover offer
Source: Associated Press
Switzerland's Syngenta rejects Monsanto takeover offer
May 8, 4:14 AM EDT
BERLIN (AP) -- Swiss biotechnology company Syngenta says it has rejected a takeover offer from Monsanto Co.
Syngenta said Friday that Monsanto had offered to buy the company at a price of 449 Swiss francs ($489.84) per share. It said directors unanimously rejected the offer because it "fundamentally undervalues Syngenta's prospects" and underestimates what it called "significant" risks to a deal including regulatory and public scrutiny.
Chairman Michel Demare said Syngenta's valuation is affected at present by short-term currency and commodity price movements but the company's outlook is strong.
Syngenta's shares leapt 15 percent to 382.60 francs in Zurich trading.
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