Monsanto to Syngenta: Give us data or forget $45 billion
Monsanto is hosting meetings across Europe this week to woo Syngenta investors, and two Monsanto top executives said in one of these gatherings that only a due diligence assessment of Syngenta's operations could tell whether there was room for a higher offer than the 449 Swiss francs per share proposed so far, a person with knowledge of the meeting said, Reuters reports.
Syngenta confirmed it had not granted the suitor access to privileged business data.
"Monsanto is a competitor to many aspects of Syngenta's business. It would be madness to let a company see Syngenta's books without adequate assurance on the considerable regulatory risks, and with an offer price which is clearly unacceptable," a spokesman said.
A Monsanto spokesperson said, "Based on public information, our proposal of 449 CHF per share represents full and compelling value for Syngenta. If Syngenta can provide us access to due diligence as to its strategic plans and other non-public information, and if that information shows results or synergy potential that exceeds what we and investors have assumed based on public information, we would consider that new information in order to refine our view on value.”
Separately, Monsanto executive Scott Partridge on National Public Radio on Tuesday said there was no going beyond the 43 percent premium the suitor was prepared to pay, when compared to the stock price before media reports of an approach emerged.
"We're not preparing to make another bid. We believe the bid we've made is more than generous," Partridge said. ■