ST. LOUIS, MISSOURI, U.S. — The board of directors of Monsanto Co. on July 19 described the latest takeover bid by Bayer AG as “financially inadequate and insufficient to ensure deal certainty.” Monsanto said it remains open to continued and constructive conversations with Bayer and other parties to assess whether a transaction that the board believes is in the best interest of Monsanto shareowners can be realized.

Bayer AG, Leverkusen, Germany, on July 14 raised its all-cash offer to acquire Monsanto to $125 per share from $122 per share, representing a premium of 40% over Monsanto’s closing share price on May 9. The company also addressed Monsanto’s questions concerning financing and regulatory matters, and said it is prepared to make certain commitments to regulators, if required, to complete the proposed acquisition of Monsanto.

Bayer said it is “confident in its ability to obtain all necessary regulatory approvals in a timely manner given complementary geographic and product portfolios.” The company also has offered a $1.5 billion reverse antitrust break fee, reaffirming its confidence in a successful closing.

“We are convinced that this transaction is the best opportunity available to provide Monsanto shareholders with highly attractive, immediate and certain value,” said Werner Baumann, chief executive officer of Bayer. “Bayer is fully committed to pursuing this transaction.”