Monsanto On The Move Again: Bayer Rumored To Have Raised Bid To $135/Share

Shares of Monsanto Company (NYSE: MON) spiked to an intra-day high of $113.20 on Tuesday following reports that the company is still being targeted for an acquisition by Germany-based Bayer Ag ADR (OTC: BAYRY) but at an upwardly revised price.

Related Link: Benzinga Breakdown: Monsanto Acquisition Timeline

According to Street Insider, Bayer has made the necessary financial arrangements to now offer Monsanto shareholders $135 per share. Bayer previously offered $122 per share, which valued the deal at $62 billion.

Monsanto rejected the $122 per share offer, which it said "significantly undervalues" the company. However, management remained open to "continued and constructive conversations."

Street Insider, citing "a source claiming to have knowledge of the situation," added that the revised deal could be offered as as soon as Friday.

Shares of Monsanto were trading at $112.15 on Tuesday, up around 2.5 percent on the day.