Responding to a $62 billion acquisition offer from Bayer AG, Monsanto Company has announced that its Board of Directors views the proposal as “incomplete and financially inadequate, but is open to continued and constructive conversations.”

In a company release, Monsanto chairman and CEO Hugh Grant gave a short statement.

“We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,” said Hugh Grant, Monsanto Chairman and CEO. “However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.”

The release noted that there is no timeline for further discussions and no assurance that “any transaction will be entered into or consummated, or on what terms.”