The Basel company made its wishes known via YouTube through an interview with Chairman Michel Demaré, designed as a response to unsolicited bidder Monsanto's (MON) European lobbying efforts in support of its spurned Sfr41.7 billion ($44.5 billion) bid.
Demaré said he had taken to YouTube to communicate "concurrently with all shareholders and the other stakeholders" the reasons it rejected Monsanto's May offer. The interview was posted two weeks after Syngenta rejected a revised bid, which the St. Louis suitor had sweetened with a $2 billion breakup fee. On Tuesday Demaré called the tweaked proposal a "copy paste" of the original bid.
Syngenta has from the outset said the Monsanto bid is too low and doesn't properly factor in the huge antitrust risks of attempting to unite the world's No. 1 seeds group with the leader in crop protection and the No. 3 in seeds.
"A serious proposal to buy Syngenta has to be made at full and fair value, it has to recognize for shareholders the inherent combination benefits and it has to provide a high degree of certainty that the transaction will be closed including compensation in case the deal fails, be it for antitrust reasons or for any other reason," said Demaré. "Absent these parameters I think the board would be irresponsible even to accept to negotiate under such terms."