The Swiss company also called Monsanto's $2 billion breakup fee ''inadequate.'' Analysts think Monsanto will return with a higher or restructured bid. Fred Katayama reports.
Monsanto may have to up the ante. The Swiss crop pesticides maker Syngenta rejecting Monsanto's second takeover bid. It says the world's largest seeds company hasn't done enough to address regulatory concerns. The combined company would control more than 40 percent of the U.S. seeds market. Monsanto has said it would sell the Swiss pesticide maker's seeds business and certain crop chemical assets to satisfy regulators. Syngenta also called Monsanto's new offer of a $2 billion breakup fee "inadequate." It also labeled "inadequate" Monsanto's price valuing the company at $45 billion in cash and stock. Syngenta shares giving back some of their 23 percent gain since news of the original bid was confirmed in early May. Analysts expect Monsanto to come back with a higher or restructured bid. Atlantic Equities analyst Colin Isaac thinks Monsanto could afford to pay more. He says a merger could add to earnings even if it were to boost its bid price by 11 percent.