Monsanto shareholders have approved a proposed merger with Bayer AG. Under the terms of the merger agreement, Monsanto shareowners will receive $128 per share in cash at the closing of the merger.
Monsanto CEO Hugh Grant Tuesday called the approval an “important milestone” for both companies. Bayer AG leadership says the merger will “help address the growing challenges facing farmers.” 99 percent of the votes by Monsanto shareholders were in favor of the merger, according to a Monsanto news release.
The merger is subject to regulatory approval and is expected to be completed by the end of 2017. Bayer and Monsanto announced the merger agreement in September. Under the terms, Bayer AG agreed to purchase Monsanto for $66 billion.
(From the National Association of Farm Broadcasters News Service)