Monsanto Says Bayer AG's Offer Still 'financially Inadequate'

Monsanto Company said early Tuesday that Bayer AG's about $65 billion takeover bid was "financially inadequate and insufficient to ensure deal certainty." The new Bayer offer , at a $3-a-share increase, came after Monsanto rejected a previous bid on similar grounds. Monsanto said it was open to continued conversations with Bayer but "there is no assurance that any transaction will be entered into or consummated, or on what terms." Monsanto and Bayer shares were both down 1.3% in pre-market trade.