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Monsanto, which also reported lower-than-expected quarterly
sales for the sixth straight quarter, said on Wednesday there
was "no formal update on the Bayer proposal," but talks were on
for the past several weeks.
The U.S. company had not opened its books more than two weeks
after rejecting the offer but left the door open to a possible
deal after the companies reached an impasse over valuation,
Reuters reported this month, citing sources.
Bayer, however, has no plans to raise its offer without
reviewing Monsanto's confidential information, the sources said.
The seed and agriculture chemical industry has seen several
deals in the past year as low crop prices and belt-tightening by
farmers put pressure on earnings.
The net income attributable to Monsanto plunged more than 37
percent to $717 million, or $1.63 per share, in the third
quarter ended May 31.
Monsanto reported earnings of $2.17 per share from continuing
operations, well below the average analyst estimate of $2.40,
according to Thomson Reuters I/B/E/S.
Net sales of the company, known for its genetically engineered
corn, soybean and the Roundup herbicide, declined 8.5 percent to
$4.19 billion, missing estimate of $4.49 billion.
Monsanto shares were little changed at $101.01 in premarket
trading. Up to Tuesday's close, the stock had risen about 12
percent since Bayer's takeover bid was first reported on May 12.
(Reporting by Arathy S Nair in Bengaluru; Editing by Kirti
Pandey)
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