Swiss biotechnology company Syngenta said Friday that it has rejected a takeover offer from Monsanto Co., a bid that it said greatly undervalued its prospects. Syngenta's shares jumped 17 percent on the interest, however.
Monsanto had offered to buy the company at a price of 449 Swiss francs ($489.84) per share, Syngenta said. Based on the number of shares issued, that would value Syngenta at 41.7 billion francs ($45.5 billion).
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