Syngenta has rejected a proposal from Monsanto to acquire the company at a price of 449 Swiss Francs (€443) per Syngenta share with approximately 45% in cash, Syngenta has announced.

The Board of Directors at Syngenta, in conjunction with its legal and financial advisers, reviewed the offer and has decided to reject the offer, it says.

The company says that the offer is not in the best interests of Syngenta, its shareholders and its stakeholders.

The offer fundamentally undervalues Syngenta’s prospects and underestimates the significant execution risks, including regulatory and public scrutiny at multiple levels in many countries, the crop chemical manufacturer says.

Syngenta chairman, Michel Demaré, says that Syngenta is the world leader in crop protection, the number three in Seeds and the first company to introduce integrated solutions for growers.

Monsanto’s proposal does not reflect the outstanding growth prospects of Syngenta’s integrated strategy and the significant future value potential of the company’s crop-focused innovation and market leading positions.

“While Syngenta’s valuation is currently affected by short term currency and commodity price movements, the business outlook is strong, with emerging markets accounting for over 50% of our sales,” he said.

He also said that the company has a strong pipeline of innovative crop protection products in development, which have total peak sales potential of over $3 billion.

Monsanto is a seed manufacturer and also produces crop protection chemicals.