Monsanto has increased its offer to takeover Syngenta, valuing the Swiss company at around $47 billion, according to Reuters.

Monsanto, who has been trying to buy out Syngenta since May, raised its offer from 449 Swiss Francs (CHF) per share to CHF 470 ($501.98), it’s reported.

As a result of the increased offer, Reuters said Syngenta’s US listed shares jumped 10% on Monday after closing in Zurich at CHF 357.6 a share, putting the company’s market value at roughly $35.5 billion.

The higher offer per share is mostly comprised of an increase to the cash portion of its cash and stock proposal, Reuters said.

Syngenta has already rejected two of Monsanto’s offers in 2015. In May the Swiss company declined a proposal from Monsanto to acquire the company at a price of 449 Swiss Francs per Syngenta share with approximately 45% in cash.

Monsanto’s second offer was then rejected in June, which Syngenta said the only change to the first proposal was to add “a wholly inadequate reverse regulatory break fee”.

The company said that Monsanto’s second letter represented the same inadequate price, same inadequate regulatory undertakings to close, same regulatory risks and same issues associated with dual headquarters’ moves.

It said that if a transaction were to be announced and not consummated then there would be significant harm and value destruction for Syngenta and its shareholders, which requires a careful assessment of all risks and a clear path to closing.

Syngenta also said at the time that this was in no way adequately addressed by a paltry reverse regulatory break fee relative to such fees seen in transactions with comparable levels of regulatory risk.