Syngenta rejects Monsanto's takeover

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Publish time: 11th May, 2015      Source: www.cnchemicals.com
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May 11, 2015
   

   

Syngenta rejects Monsanto's takeover

   

   

   

   

Syngenta confirms that it has received an unsolicited proposal from Monsanto to acquire the company at a price of CHF449 per Syngenta share with approximately 45% in cash, a proposal which it is rejecting.

   

   

Syngenta's Board of Directors, in conjunction with its legal and financial advisers, has undertaken a thorough review of all aspects of Monsanto's offer and has 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'sprospects and underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries.

   

   

Michel Demaré, Syngenta Chairman said, "Syngenta is the world leader in Crop Protection, the number three in Seeds and the first company to introduce integrated solutions for growers. Monsanto's proposal does not reflect the outstanding growth prospects of Syngenta's integrated strategy and the significant future value potential of the company's crop-focused innovation and market leading positions."