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...
Monsanto, along with its subsidiaries, is a provider of agricultural products for farmers. The company has two business segments: Seeds and Genomics, and Agricultural Productivity. Through its Seeds and Genomics segment, the company produces seed brands, including DEKALB, Asgrow, Deltapine, Seminis and De Ruiter, and the company develops biotechnology traits that assist farmers in controlling insects and weeds. The company also provides other seed companies with technology and genetic material for their seed brands. Through its Agricultural Productivity segment, the company manufactures Roundup brand herbicides and other herbicides and provides lawn-and-garden herbicide products for the residential market.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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