Monsanto Shareowners Okay Merger With Bayer

(RTTNews) - Monsanto Co. (MON) announced that its shareowners approved merger with Bayer Aktiengesellschaft. Under the terms of the merger agreement, Monsanto shareowners will receive $128 per share in cash at the closing of the merger.

Based on a preliminary tabulation of the shareowner vote, approximately 99% of all votes cast, which represents approximately 75% of all outstanding shares on November 7, 2016, the record date for the special meeting, were voted in favor of the merger.

Monsanto shareowners also approved the proposal to approve, on an advisory (non-binding) basis, certain compensation that may be paid or become payable to the Company's named executive officers in connection with the merger.

The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. Bayer, with the support of Monsanto, has now submitted a number of filings, including the U.S. Hart-Scott-Rodino Act filing. Closing is expected by the end of 2017.

In mid-September, Bayer said it agreed to buy Monsanto for $128 per share in an all-cash transaction.