St. Louis, MO—Monsanto has turned down a takeover bid from Bayer AG valued at more than $65 billion.

Bayer reportedly tried to sweeten the deal several times in an attempt to win over Monsanto shareholders, raising its all-cash offer from $122/share to $125/share, totaling $65 billion. Bayer also offered a $1.5 billion reverse antitrust break fee and other incentives that represent a 40% increase over a recent Monsanto closing share price (May 9).

“We are convinced that this transaction is the best opportunity available to provide Monsanto shareholders with highly attractive, immediate and certain value. Bayer is fully committed to pursuing this transaction,” said Werner Baumann, CEO of Bayer AG in a press statement.

But, Monsanto’s Board of Directors unanimously felt the proposal was “financially inadequate and insufficient to ensure deal certainty.”

The company says it is open to further conversations with Bayer and others interested in a takeover. While Bayer said in an official statement it was disappointed, the firm noted it would like to continue the dialogue with Monsanto.

Published on WholeFoods Magazine Online, 8/1/16