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Syngenta says board unanimously rejected Monsanto offer

Reuters - UK Focus

ZURICH, Aug 26 (Reuters) - Swiss agrichemicals group Syngenta (Xetra: 580854 - news) said its board unanimously rejected a revised offer from suitor Monsanto, which then dropped its takeover approach.

The offer, which Syngenta said was worth 433 Swiss francs per share as of the market close on Aug. 25, "significantly undervalued the company and was fraught with execution risk," it said in a statement on Wednesday.

Recent market volatility had highlighted the "significant risk" for Syngenta shareholders from the structure of the proposal, which it said had not addressed key issues in sufficient detail, the statement added. (Reporting by Michael Shields; Editing by David Holmes)