Bayer AG boosted its takeover offer for Monsanto Co. to about $65 billion in a bid to overcome the U.S. seed company’s resistance to the tie-up and join a parade of consolidation in the agriculture industry. Bayer made the new $125-a-share offer verbally on July 1 and more formally eight days later, it said in a statement Thursday confirming an earlier report by The Wall Street Journal. The new bid represents a $3-a-share bump from an earlier proposal Monsanto rejected as too low.
Monsanto said its board will review the new offer, but investor reaction to the news indicated the market is skeptical the increase will be sufficient to seal the deal for the German life-sciences company.
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