Monsanto has officially backed off its latest proposal to acquire Syngenta. Syngenta’s Paul Minehart says an enhanced offer was made on Tuesday, but was rejected by his board as it was deemed as financially inadequate.

Minehart says both his and Monsanto’s boards are clear in not pursuing any future merger or acquisition.

Syngenta Chairman Michel Demare says his company engaged Monsanto in good faith and highlighted the key issues that required more concrete information in order to continue a dialogue. He says Monsanto did not provide clarity on their estimate of total cost and revenue synergies, their assumptions regarding net sales and proceeds of seeds and traits and the nature and extent of regulatory covenants they were prepared to offer.