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  • A Monsanto logo is pictured in the company headquarters in Morges, Switzerland.

    A Monsanto logo is pictured in the company headquarters in Morges, Switzerland. | Photo: Reuters

The agro-business giant has rejected a buyout offer from Bayer yet again.

Bayer said its sweetened US$64 billion acquisition offer for Monsanto would not be subject to any financing conditions, responding to the U.S.-based agro-company's rejection of its latest proposal on Tuesday.

Bayer said it was disappointed by Monsanto's rejection, saying the proposal offered immediate value to Monsanto shareholders.

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"The revised all-cash offer is a compelling opportunity and represents immediate and certain value for Monsanto shareholders amid recent weak business performance and Monsanto's reduced mid-term outlook," Bayer said in a statement on Tuesday.

While Monsanto has turned down the offer, they said they are open to further talks with the German healthcare and chemicals group as well as other parties.

The widely-expected rejection puts pressure on Bayer to continue to sweeten its offer. The two companies have been in discussions about a potential confidentiality agreement.

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Monsanto said on Tuesday its board unanimously viewed Bayer's latest bid as "financially inadequate and insufficient to ensure deal certainty."

Bayer will examine Monsanto's response to the revised offer, a company spokesman said.

Monsanto would reportedly like Bayer to include increasing the breakup fee, before providing Bayer access to financial information.

Access to confidential information has been a major sticking point in Bayer's negotiations with Monsanto ever since the German company offered to acquire Monsanto in May.

Bayer argued last week that it had comprehensively addressed Monsanto's questions about financing and regulatory matters and said it was prepared to make certain commitments to regulators, if required, to complete a deal.

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Henderson Global Investors, an investor in Bayer, has called for a vote on the proposed takeover of Monsanto, which it said threatened the long-term strength of the German company. Some other Bayer investors have also expressed concerns the company may overpay to secure a deal.

The seeds and agrochemicals industry has been jolted by several large deals in the past year as low crop prices and belt-tightening by farmers pressured earnings.

The St. Louis, Missouri-based Monsanto is a publicly traded multinational whose growing monopolization in the agrochemical and agricultural biotechnology fields have drawn the scorn of people worldwide.

As of Monday's close, Monsanto shares had risen 5.3 percent since Bayer disclosed its higher offer on July 14. Bayer shares have fallen about 1 percent in the same period.

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