Monsanto shares rise over 4% as Bayer makes open offer to buy 26% stake
As per the filing, DSP Merrill Lynch and Credit Suisse Securities Private Limited are the manager to the open offer.
The shares of Monsanto India surged 6% during early trade on Wednesday after Bayer Aktiengesellschaft made an open offer.
Slipping marginally, at 1008 hours the shares of the company were trading at Rs 2505.40 per piece, up 4.56%, or Rs 109.15 on BSE.
On Tuesday, Bayer AG made an open offer to public shareholders of Monsanto India to acquire 44,88,315 equity shares, or 26% for Rs 2481.6 per share, the company said in a regulatory filing.
As per the filing, DSP Merrill Lynch and Credit Suisse Securities Private Limited are the manager to the open offer.
On September 14, German chemicals giant Bayer had agreed to buy the controversial US seeds and pesticides firm Monsanto for $66 billion.
Bayer had said its US peer had accepted an improved offer of $128 per share for Monsanto in an all-cash transaction, avoiding the need to resort to a hostile takeover.
The public shareholding in Monsanto India is around 28%, and the open offer made is for 26%. According to a Bloomberg report, if the open offer is successful, the minimum public shareholding in the company will drop below the statutory limit of 25%.
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