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Fly News Breaks for May 24, 2016
BAYRY, MON
May 24, 2016 | 08:56 EDT
Bernstein expects Monsanto (MON) to reject Bayer's (BAYRY) $122 per share takeover bid, and says that Monsanto would need "a much higher offer" in order to sell itself. The firm says that Monsanto does not want to sell the company, but could possibly do so if Bayer offers more than $140 per share. Bernstein believes that Monsanto could bid for Bayer's Crop Science unit. The firm keeps a $106 price target and Underperform rating on Monsanto. It keeps an Outperform rating on Bayer.
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