Monsanto has announced that its Board of Directors unanimously views the reported $62 billion takeover Bayer AG proposal as incomplete and financially inadequate.

However it did says that it is open to continued and constructive conversations to assess whether a transaction in the best interest of Monsanto shareowners can be achieved.

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

“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.”

There is no assurance that any transaction will be entered into or consummated, or on what terms. The Monsanto Board of Directors has not set a timeline for further discussions and Monsanto does not intend to make further comment at this time.

Following market speculation and stakeholder inquiries, German multinational chemical and pharmaceutical company Bayer publicly disclosed the details of its private proposal to buy US-agribusiness giant Monsanto.

Bayer has made an all-cash offer to acquire all shares of Monsanto for $122 per share, or an aggregate value of $62 billion.

A Bayer-Monsanto deal would create the world’s biggest supplier of seeds and agrichemicals.

It was understood that any possible deal would be worth more $40 billion. However, the $62 billion offer has taken the market by surprise.