Monsato has dropped its takeover bid for Syngenta AG after the Swiss chemical giant rejected their latest offer of close to $47 billion, which is about two billion dollars higher than the previous offer. Monsanto also bumped up their proposed break-up fee from $2 billion to $3 billion.

According to a press release, Syngenta's board unanimously turned down the recent offer, feeling it significantly undervalued their company and was too risky. They also say Monsanto did not provide enough clarity on the issues of estimates for total cost and revenue synergies, assumptions for net sales of seeds and traits, details on regulatory agreements they were prepared to offer, and assessments for risks and benefits from a tax inversion to the U.K.

"We engaged with Monsanto in good faith and highlighted those key issues which required more concrete information in order to continue a dialogue," says Michel Demaré, chairman of Syngenta, in their press release. "We take note of Monsanto's decision. Our Board is confident that Syngenta's long-term prospects remain very attractive with a leading portfolio and a promising pipeline of new products and technologies. We are committed to accelerate shareholder value creation."

Monsanto says they believe the merger would've created tremendous value for farmers and shareowners of both companies, and they will continue to focus on growth opportunities built on existing core business. Monsanto management also confirmed Wednesday its confidence in delivering its five-year plan to more than double fiscal-year 2014 ongoing earnings per share by 2019.