NEW YORK (CNNfn) -- Monsanto Co. said Tuesday it was acquiring the remaining shares of Calgene Inc. it doesn't already own for $8 per share in cash, or approximately $240 million.
The agreement has already been unanimously approved by a special committee of Calgene directors who are neither designees of Monsanto nor Calgene employees.
Monsanto will commence a tender offer April 7. Following the completion of the tender offer, Monsanto will acquire the remaining Calgene shares at $8 each. Monsanto currently owns 36.4 million shares of Calgene, or approximately 54.6 percent of the outstanding Calgene shares.
"This will promote the closer working relationships and the greater sharing of technologies that are only possible with full ownership of the company," said Monsanto Executive Vice President Hendrik A. Verfailie.
"We can now better realize the benefits of Calgene's research by combining our technology efforts and bringing products to market more rapidly," he said.
Monsanto also said it and Calgene had agreed to settle lawsuits filed in Delaware Chancery Court which had challenged the deal was not fair to Calgene's shareholders. No details of the settlement were given.
Monsanto is a diverse company with agricultural, food, and pharmaceutical businesses. It is based in St. Louis, Missouri. Calgene is an agricultural biotechnology company based in Davis, California.