Syngenta (SYT) Stock Closes Up as Monsanto Raises Bid to $47 Billion
NEW YORK (TheStreet) -- Syngenta (SYT) stock closed higher by 6.25% to $81.37 on heavy trading volume on Monday, after Monsanto (MON) raised its offer to acquire the company to $47 billion, Reuters reports.
The offer was increased to 470 Swiss francs per share, from 449 Swiss francs per share, based on Syngenta's stock price on the Swiss Exchange.
The new offer also includes a higher break-up fee of $3 billion, from $2 billion, if the deal is blocked by regulators or if it is not completed due to other causes, sources told Reuters.
St. Louis-based Monsanto seeks to combine the companies' seeds and pesticides businesses, but Syngenta has already rejected the first offer.
Syngenta, however, may face pressure from shareholders to accept the higher offer, Reuters added.
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Monsanto stock closed down 4.02% to $93.55 on heavy trading volume on Monday afternoon.
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