A leading shareholder in German pharmaceutical and crops manufacturer Bayer said he did not support the revised terms of a takeover offer for US rival Monsanto.
John Bennett, fund manager at Henderson, which had previously called for a vote on the offer saying it threatened the long-term strength of Bayer, said he did not support the deal.
“Bayer have backed themselves into a corner,” he said in e-mailed comments. “The money would have been better spent buying their own stock. Alas, for shareholders, it was not to be.”
Late on Monday, Bayer said it had raised its offer for Monsanto and was prepared to pay $127.50 a share, up from its previous offer of $125 a share.