LONDON, Aug 26 (Reuters) – Syngenta shareholders called on the board to clarify how it intends to make up billions of dollars of lost shareholder value after Monsanto Co. ditched its $47 billion bid for the Swiss company.
The U.S.-based agricultural seed giant said on Wednesday it was walking away from its efforts to acquire Syngenta, which rejected a recently sweetened offer of 470 Swiss francs a share.
“What I am looking for now is what Syngenta has to say. Now we need the board and the management to explain their Plan B,” said Pauline McPherson, co-fund manager of Kames Capital’s global equity fund, which holds Syngenta stock.
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“The ball is firmly in their camp with regards to creating the value they have just refused,” she added.
A second investor, who declined to be named, also questioned why Syngenta’s management were so reluctant to open their books.
“There will be a huge amount of pressure … whether they care is another matter…They had a reasonable bid on the table and now the share has fallen 20 percent… it will be interesting to see what Syngenta has to say.”
