Monsanto’s Board of Directors says Bayer’s latest offer to buy the company is still “financially inadequate and insufficient to ensure deal certainty.”

Last week, Bayer said it had raised its bid to acquire Monsanto and addressed Monsanto’s concerns about regulatory and financing issues. The per-share cash offer was raised from US$122 to US$125. Bayer also offered Monsanto a US$1.5 billion reverse antitrust break fee to show its confidence in successfully clearing regulatory approvals.

In a statement Tuesday, Monsanto’s board said it unanimously rejected the offer, but it remains open to continued conversations with Bayer “to assess whether a transaction that the Board believes is in the best interest of Monsanto shareowners can be realized.”

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