We Think the Monsanto-Bayer Deal Will Close at Agreed Price of $128; Both Companies Undervalued
We thought it would take a minimum of $130 per share to entice Monsanto's board. We were two dollars short. On Sept. 14, Monsanto accepted Bayer's acquisition offer of $128 per share, including a breakup fee of $2 billion (4% of Monsanto's market cap). The acceptance comes after months of back-and-forth between the two companies, beginning with Bayer's initial offer of $122 per share in June.The purchase price values Monsanto 6.7% above our stand-alone fair value estimate of $120 per share. Our...
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