German pharmaceutical giant Bayer AG says it's increasing its bid for American seed company Monsanto Co.
The Leverkusen-based drug and chemicals company said in a statement early Tuesday it was offering $127.50 per Monsanto share, up from the previous $125 a share offer that had valued Monsanto at around $65 billion.
It gave no further details on the takeover bid and said "there can be no assurance that the parties will enter into an agreement."
Monsanto has already rejected two offers from Bayer and described the previous offer in July inadequate.
At the time, the St. Louis company said it remained open to talks with Bayer and others about a deal.
Monsanto confirmed the new Bayer bid but would not comment further as it evaluates it.