The board of directors for Syngenta last week rejected a bid to by the company from Monsanto.

The proposal for $481 per share with approximately 45 percent in cash was considered by the Syngenta board to be undervalued. “Syngenta is the world leader in Crop Protection, the number three in Seeds and the first company to introduce integrated solutions for growers,” said Syngenta chairman Michel Demaré. “Monsanto’s proposal does not reflect the outstanding growth prospects of Syngenta’s integrated strategy and the significant future value potential of the company’s crop-focused innovation and market leading positions.”

Monsanto released a statement regarding the offer saying the company “has long respected and followed Syngenta`s business and believes combining the two companies would deliver significant value to all stakeholders, including shareholders.”

Creating a new company from the combination of Syngenta`s strengths and leadership in crop protection chemicals and Monsanto`s leadership in seeds, traits and information technology would form an integrated global leader in agriculture with comprehensive and complementary product portfolios, and an Ag-focused organization with enhanced abilities to develop and accelerate innovative solutions for growers. Monsanto believes the combined company would be uniquely positioned to deliver a comprehensive suite of integrated solutions to farmers around the world and to accelerate technological innovation through precision agriculture and advanced research and development capabilities aimed at increasing the world`s food supply in a sustainable fashion.