Monsanto Shareowners Approve Merger with Bayer
December 13, 2016 During a special meeting on December 12, Monsanto shareowners approved the merger of the company with a wholly-owned subsidiary of Bayer.
Under the terms of the merger agreement, Monsanto shareowners will receive $128 per share in cash at the closing of the transaction.
“We are pleased we received such strong support from our shareowners,” said Hugh Grant, Monsanto chairman and chief executive officer. “This is an important milestone as we work to combine our two complementary companies and deliver on our shared vision for the future of agriculture. By bringing together our expertise and our resources to drive this shared vision, we can do even more together to benefit growers around the world and to help address broad global challenges like climate change and food scarcity.”
“The acquisition of Monsanto is driven by our strong belief that this combination can help address the growing challenges facing farmers and the overall agriculture industry today and in the future,” said Werner Baumann, CEO of Bayer AG. “Together, Bayer and Monsanto will be able to offer the new, innovative solutions that our customers need. We look forward to completing the transaction and working closely with Monsanto to ensure a successful integration.”
Based on a preliminary tabulation of the shareowner vote, approximately 99% of all votes cast (which represents approximately 75% of all outstanding shares on November 7, 2016, the record date for the special meeting) were voted in favor of the merger.
The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. Bayer, with the support of Monsanto, has now submitted a number of filings, including the U.S. Hart-Scott-Rodino Act filing. Closing is expected by the end of 2017.
Additional information about the proposed transaction can be found online.
Source – Monsanto
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