Bayer makes open offer for Monsanto sharesBayer AG has made an open offer for acquiring another 26 per cent stake in Monsanto India Ltd. at a price of Rs.2,481.60 per share. The Germany-based pharmaceutical major intends to acquire 44.88 lakh shares in the offer valued at Rs.1,113.82 crore. Last week, Bayer reached an agreement to acquire Monsanto in a deal valued at $66 billion. According to the Securities and Exchange Board of India (SEBI) guidelines, if a company acquires more than 25 per cent in another, then the acquirer has to make an open offer for further 26 per cent stake in the acquired entity. Shares of Monsanto India fell 1.91 per cent to close at Rs.2,396.25 on Tuesday.

Source: The Hindu September 20, 2016 20:48 UTC