NEW YORK (TheStreet) -- Shares of Monsanto (MON) are rising 2.2% to $108.33 on heavy trading volume midday on Tuesday as the company rejected Bayer's (BAYRY) $62 billion takeover offer, but said it is open to further deal talks.

The St. Louis-based company said it views the current offer as incomplete and financially "inadequate."

"We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer's business," Monsanto Chairman and CEO Hugh Grant said in a statement.

"However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition," he added.

Yesterday, Leverkusen, Germany-based Bayer said it would offer $122 per share for the company.

About 9.07 million of Monsanto's shares were traded so far today vs. its average volume of 4.3 million shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Monsanto stock.

The company's strengths can be seen in multiple areas, such as its expanding profit margins and notable return on equity.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: MON