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Monsanto said to accept sweetened Bayer bid of $128 per share

Staff Writer |
U.S. seeds company Monsanto has reportedly accepted a sweetened takeover offer from German chemicals and drugs firm Bayer.

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According to sources cited by the BBC, the Financial Times and Reuters, Bayer has upped its offer to $128 a share from $127.50.

Earlier this month, Bayer confirmed that it was in advanced negotiations with Monsanto and that it would be prepared to up its offer from a previous offer of $125 in July to $127.50.

Bayer's initial offer back in May of $122 per share was rejected by Monsanto for being "financially inadequate".

The deal was expected to be announced later on Wednesday.

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