Syngenta’s investors want management to negotiate with Monsanto Co. about its $45 billion takeover bid and would accept a 5 percent higher offer, according to a Sanford C. Bernstein survey.
About 92 percent of respondents in the anonymous survey of almost 100 current and former investors support talks between the companies, London-based Bernstein analysts led by Jeremy Redenius, said in a report Monday. Another 5 percent preferred a new Syngenta strategy or management team, with only 3 percent supporting the status quo.
The survey comes after Syngenta Chief Executive Officer Mike Mack met with shareholders to explain why the Basel, Switzerland-based company rejected Monsanto’s bid in May.
“Syngenta’s investors are overwhelmingly in favor of Syngenta negotiating with Monsanto,” Redenius, who rates Syngenta the equivalent of hold and has no rating on Monsanto, said in the note. “Syngenta management’s lack of engagement with Monsanto was called ‘incredible’ and ‘not appropriate.’”
Full content: Bloomberg
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