Monsanto 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 reverse break-up fee from $2 billion to $3 billion.

According to a press release, Syngenta's board unanimously turned down the 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.

However, Monsanto disagrees, as the dealing has been ongoing for a while.

"We shared everything with them," says Trish Jordan, public and industry affairs lead for Monsanto Canada. "We have been working on this deal back to 2011, and these were all things that would have to be looked at extensively, not only by both parties, but also by independent third parties, regulators, competition bureau, all that sort of thing."

Jordan says there wasn't a basis for any further constructive engagement after the latest offer rejection, so they decided to move one. Michel Demaré, chairman of Syngenta, says they needed more clarity on key issues in order to continue talks.

"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," says Demaré in a press release.

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.

"We think we gave them a very compelling offer," Jordan says. "I think if you look at the stock price, our stock price went up significantly following the decision, and theirs went down significantly."

She also adds it was completely in Syngenta's rights to turn down the deal, and Monsanto will move on with pursuing other deals that could strengthen their company.

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.