Monsanto says Bayer’s offer to buy it for a reported $62 billion isn’t enough.

In a May 24 statement, Monsanto Board of Directors said it views “the Bayer AG proposal as incomplete and financially inadequate, but is open to continued and constructive conversations to assess whether a transaction in the best interest of Monsanto shareowners can be achieved.”

“We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,” said Hugh Grant, Monsanto chairman and CEO. “However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.”

Bayer maintains its $122 per share all-cash proposal is a good deal for Monsanto shareholders. In a statement May 24, Bayer says it “looks forward to engaging in constructive discussions with Monsanto regarding the proposed transaction.

"We are pleased that Monsanto's Board shares our belief in the substantial benefits an integrated strategy could provide to growers and broader society," said Werner Baumann, CEO of Bayer AG. "We are confident that we can address any potential financing or regulatory matters related to the transaction. Bayer remains committed to working together to complete this mutually compelling transaction."

Monsanto says there is no guarantee a deal will be made, and no timeline has been set for further discussion with Bayer. Monsanto said it will make no other comment on the matter at this time.

Morgan Stanley & Co. and Ducera Partners are acting as financial advisors, and Wachtell, Lipton, Rosen & Katz is acting as legal advisor, to Monsanto.