US-based Monsato said it is open to continued and constructive conversations to assess whether an acquisition in the best interest of Monsanto shareowners can be achieved.

"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 CEO. "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."

There is no assurance that any transaction will be entered into or consummated, or on what terms, they said.

Offer

German agribusiness giant Bayer announced last week that it had recently met executives at Monsanto to privately discuss a negotiated acquisition, and on Monday they made an offer of $62bn.

The two companies compete globally on farm inputs such as seed and pesticides, and employ 137,000 people between them.

The Monsanto Board of Directors has not set a timeline for further discussions.

Bayer offers $62bn to acquire Monsanto

Monsanto says Bayer acquisition offer of $62bn is 'financially inadequate'

Monsanto announced on Tuesday that its Board of Directors unanimously views the Bayer acquisition offer of $62bn as "incomplete and financially inadequate".