AFTER SYNGENTA rejected its most recent offer, Monsanto says it is no longer pursuing a merger with the company, Reuters reports.

Monsanto raised its original offer to acquire its Swiss rival from around $45 billion to $47 billion in late August. It also increased its break-up fee, had antitrust regulators blocked the deal, from $2 billion to $3 billion.

According to Reuters, Monsanto wanted to acquire Syngenta to boost its agrichemicals portfolio and planned to sell Syngenta’s seeds and genetic traits businesses.

The news outlet reported earlier in August that BASF had secured financing for a potential takeover of Syngenta, saying the company would only submit a bid if Monsanto made a formal offer.

The Board of Syngenta says it unanimously rejected Monsanto’s last proposal, explaining that the company did not provide sufficient clarity on four issues.

The four issues included Monsanto’s total cost and revenue synergies, assumptions regarding net sales proceeds of seeds and traits, the nature and extent of regulatory covenants they were prepared to offer, and the assessment of risks and benefits from a tax inversion to the United Kingdom.

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