According to a Syngenta spokesman, the company will ask for feedback from its largest shareholders regarding Monsanto's takeover approach in the next few days.

Syngenta's Chairman Michel Demare had said earlier that any takeover offer should be at a reasonable price and there should be a high degree of sureness that it will not face regulatory problems. Demare was telling about the company's disagreement to Monsanto's proposal.

On Tuesday, Syngenta AG again said no to Monsanto Co.'s approximately $45 billion takeover offer, thinking that the proposed deal undervalues its business and underrates the regulatory challenges of carrying out the transaction.

Chairman Michel Demare said in an online video that the pesticide maker's board had collectively concluded that Monsanto's proposal 'significantly undervalues' the company's prospects. Demare added that Syngenta's business could face problem since the deal is stuck in a regulatory process, which is expected to take a year and a half.

Mr. Demare said in the 12-minute video that Monsanto has supported their strategy and has clearly shown that it has great value but they are just trying to acquire it on a cheaper price. Mr. Demaré said that the lengthy regulatory review could give rise to loss of business, especially when it comes to the operations, the company will have to leave for receiving approval.

He said, "A serious proposal to buy Syngenta has to be made at full and fair value. It has to recognize for shareholders the inherent combination benefits and it has to provide a high degree of certainty the transactions will be closed".