NEW YORK, Sept 14 (Reuters) - Bayer won over Monsanto's management with a $128 per share offer to take over the global seed market leader, a person familiar with the matter told Reuters on Wednesday.
The companies have agreed on a break-up fee of $2 billion, the person said. The deal is expected to be closed by the end of 2017, the source said.
Bayer was not immediately available for comment.
Shares in Bayer extended gains to trade 1.8 percent higher on the news. (Reporting by Gregory Roumeliotis; Writing by Ludwig Burger; Editing by Maria Sheahan)