Monsanto is rejecting Bayer’s $62 billion takeover bid, calling it “incomplete and financially inadequate.

However, the seed company suggested Tuesday that a higher bid might be accepted, saying that it remains open to talks.

“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 Hugh Grant, Monsanto’s Chairman and CEO, in a statement. “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.”

Bayer, a German drug and chemicals company, made an all-cash bid that valued Monsanto’s stock at $122 each.

A combination of the two businesses would create a giant seed and farm chemical company with a strong presence in the U.S., Europe and Asia.

“We are pleased that Monsanto’s Board shares our belief in the substantial benefits an integrated strategy could provide to growers and broader society,” said Werner Baumann, CEO of Bayer AG, in a statement issued after the Monsanto rejection. “We are confident that we can address any potential financing or regulatory matters related to the transaction. Bayer remains committed to working together to complete this mutually compelling transaction.”

Both companies have a presence in North Carolina.

Bayer’s Crop Science business unit is headquartered in RTP. Bayer has said that if the companies move the headquarters would move to St. Louis, where Monsanto is based.

Bayer insists it would maintain a major presence in RTP.

After 2015’s blistering global buyout pace, 2016 is shaping up to be a sequel.

There has been more than $494 billion in global deals already in 2016, the third highest of all time, and 2016 is just behind 2015 so far.

The same drivers from 2015 exist this year. Mergers beget mergers, so when two companies in a sector combine, their competitors seek to do the same in order to compete. Low interest rates that make borrowing cheap, huge stockpiles of cash held by corporations, and a lackluster environment for organic growth continues to push global mergers.

Monsanto shares closed regular trading up 3.1 percent at $109.30 and gained another 1.5 percent in after-hours trading, rising to $111.