Monsanto up over 6%

Yesterday after market hours, Bayer India made an open offer to acquire 26% stake in Monsanto India. This offer was made at a price of Rs.2481.60/share.

Bayer said that it will buy upto 44.88 lakh shares of Monsanto and the open offer price was set at a 4% premium over Tuesday’s closing of Rs.2390.

This open offer is naturally on account of the parent company announcing last week that it will be buying US based Monsanto for $66 billion, making it one of the largest takeover bids by a German company and the biggest all-cash acquisition offer on record.

The market is thrilled with the open offer price and the stock has been the top gainer since morning, up over 6% at Rs.2540, spurting up much over the offer price.