Monsanto has announced that its shareowners have approved the merger of Monsanto with a wholly owned subsidiary of Bayer Aktiengesellschaft.

Monsanto shareowners will receive $128 per share in cash at the close of the merger. According to a preliminary tabulation of the shareowner vote, approximately 99% of all votes cast – representing approximately 75% of all outstanding shares on Nov. 7, 2016 – were voted in favour of the merger.

Monsanto shareowners also approved the proposal to approve, on an advisory and 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, which includes the receipt of required regulatory approvals.

Closing is expected by the end of 2017.

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