Bayer's pitch to make an "innovation powerhouse" in crop protection and seeds has been deemed "incomplete and financially inadequate" by the Monsanto board.

In an announcement yesterday, Monsanto said the view was unanimous, but board was 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 Monsanto CEO Hugh Grant.

"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."

What's your view of Bayer's proposal to buy Monsanto for US$62 billion?

— Fresh Fruit Portal (@FruitPortal) May 24, 2016

The board said there was no assurance any transaction would be entered into or consummated, or on what terms.

The board said it had not set a timeline for further discussions and Monsanto did not intend to make further comment 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.

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