Calling the proposal “incomplete and financially inadequate,” Monsanto Company’s board of directors declined German pharmaceutical company Bayer AG’s offer to purchase the company for $62 billion.

But the global agricultural company didn’t close the door entirely, adding it is open to continuing discussions to see if a transactions in the best interest of its shareholders can be reached.

“We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,” says Hugh Grant, Monsanto chairman and CEO. “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.”

Monsanto—known as the leading producer of genetically-engineered seed and glyphosate-based herbicide—says it has not set a timeline for further discussions and declined any additional comment at this time.