Bayer raises offer for Monsanto, nears $65 billion takeover: reports

Bayer AG has lifted its offer to buy Monsanto Co. to about $129 a share and is close to a $65 billion deal to take over the U.S. biotech seed giant, according to media reports.

The higher bid is an increase on the $127.50 a share Bayer BAYN, +3.10%proposed last week and is itself up from a July offer of $125 a share. The move was reported Tuesday by Bloomberg, citing people familiar with the matter, and German newspaper Rheinische Post, which cited sources at Bayer.

Monsanto’s MON, -0.83% board of directors was expected to give the green light to the deal Tuesday, and Bayer’s supervisory board is meeting Wednesday at the company’s headquarters in Leverkusen to approve the transaction, Reuters reported.

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