Monsanto Confirms Bayer's Revised Proposal

Monsanto Company MON confirmed Thursday that it received a revised, non-binding proposal from Bayer AG for a possible acquisition of the company. The company indicated that its Board would review the proposal, in consultation with its financial and legal advisors.

The company disclosed that it did not have any other comment until its Board has completed its review. The company added that there was no assurance that a transaction would be entered into or consummated.

Earlier, Wall Street Journal and other reports indicated that German-based Bayer sweetened its takeover bid for Monsanto to $125.00 a share from $1.22 a share. This meant that the total transaction cost would be approximately $65 billion.

Following the news, Monsanto shares traded 3 percent higher to $104.23.