Bayer makes open offer to acquire 26% of Monsanto India

By: | Updated: September 21, 2016 6:59 AM

Bayer Aktiengesellschaft on Tuesday announced an open offer for acquiring 44.9 lakh shares or 26% of the paid-up capital of Monsanto India for Rs 1,111 crore at Rs 2,481.60 per share.

monsanto l reutersBoth Bayer and Monsanto have a presence in India with Monsanto selling genetically modified (GM) cotton seeds in the country for more than a decade.

Bayer Aktiengesellschaft on Tuesday announced an open offer for acquiring 44.9 lakh shares or 26% of the paid-up capital of Monsanto India for Rs 1,111 crore at Rs 2,481.60 per share. The open offer price is 3.5% more than Monsanto India’s Tuesday closing price of Rs 2,396.

The open offer was made following Bayer’s decision to acquire Monsanto India’s parent , Monsanto Company for $ 66 billion. Bayer will be indirectly acquiring 72.14 % of Monsanto India after the completion of the acquisition. DSP Merrill Lynch and Credit Suisse Securities (India) have been appointed as managers for the offer.

Both Bayer and Monsanto have a presence in India with Monsanto selling genetically modified (GM) cotton seeds in the country for more than a decade.

Monsanto’s rival Syngenta was acquired by China’s state-owned firm ChemChina recently.

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