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Monsanto (MON) Stock Gains, Said to Reject Bayer Bid and Seek Higher Price

NEW YORK (TheStreet) -- Shares of Monsanto (MON) are advancing by 2.18% to $108.31 on heavy trading volume late Tuesday morning, as the company will reject Bayer's (BAYRY) $62 billion takeover offer and seek a higher price, sources told Reuters.

The St. Louis-based company sees industrial logic in combining with Bayer and believes it will win approval from regulators, the sources said.

But, Monsanto also has confidence in its standalone plan and believes shareholders deserve a better offer, the sources added.

Yesterday, Leverkusen, Germany-based Bayer said it...