U.S.-based Monsanto sweetened its offer to buy Switzerland's Syngenta, valuing the company at around $47 billion as it tries to lure the Swiss firm to the negotiating table, a person familiar with the matter said on Monday.
Monsanto, which wants to combine its world-leading seeds business with Syngenta's own seeds and pesticides, raised its offer to 470 Swiss francs ($501.98) per share from CHF 449 per share, the person said.
The increased offer, which sent Syngenta's shares jumping, is aimed at ending the stalemate between the two firms. Syngenta rejected a previous proposal in April and has refused to open its books to its rival.
Monsanto's sweetened offer is primarily comprised of an increase to the cash portion of its cash and stock proposal, the person added.
Some top investors had been pushing Syngenta to at least sit down with Monsanto and seek a better offer. Cedric Lecamp, senior investment manager at Pictet Asset Management, the 17th-biggest investor in Syngenta, told Reuters earlier this year he thought a deal could get done above 500 Swiss francs.