"No investor support needed for Bayer-Monsanto deal"

In a filing on Tuesday with the SEC, Bayer released a portion of a transcript of a teleconference it had with certain investors in which an executives was quoted as saying, "One final point. Let me be very clear on this. A shareholder vote is not required by German law." It goes on to note "the decision on the transaction lies in the exclusive responsibility of the Board of Management and the Supervisory Board. We will take this responsibility seriously. The success of our offer ... is also dependent on the transaction not being subject to financing or shareholder approval conditions."

Bayer insists that as a life sciences company, Monsanto, which is known best as a crop sciences leader, would be a good strategic fit for it. Bayer has offered to buy Monsanto for $62 billion, or $122 per share, a bid that was politely rejected as for (in the target's opinion) undervaluing the biotech, which is perhaps best known for its role in genetically modifying crop seeds. That price, however, has also upset Bayer investors, who believe it is much too rich.

It's not known how much higher Bayer will be willing to go, though it has reportedly secured some $63 billion in financing from a variety of lenders.

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