Monsanto Co. said May 24 its board of directors unanimously views Bayer AG’s acquisition proposal as incomplete and financially inadequate. However, the company said it is still open to continued and constructive conversations to assess whether a transaction that's in the best interest of Monsanto shareowners can be achieved.

Bayer disclosed May 23 that it has made an all-cash offer to acquire all of the issued and outstanding shares of common stock of Monsanto for $122 per share, or an aggregate value of $62 billion. If realized, a deal between the two companies would create the largest agricultural supplier.

“We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,” said Hugh Grant, Monsanto chairman and chief executive officer. “However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.”

Monsanto said there is no assurance that any transaction will be entered into or consummated, or on what terms. The board of directors has not set a timeline for further discussions.

Bayer said it looks forward to engaging in constructive discussions with Monsanto regarding the proposed transaction and reiterated that its $122-per-share all-cash proposal provides full and certain value for Monsanto shareholders.

“We are pleased that Monsanto’s board shares our belief in the substantial benefits an integrated strategy could provide to growers and broader society,” said Werner Baumann, chief executive officer of Bayer AG. “We are confident that we can address any potential financing or regulatory matters related to the transaction. Bayer remains committed to working together to complete this mutually compelling transaction.”