It was surely only a matter of time before leading agrochemicals company Monsanto increased its offer again for Swiss rival Syngenta. The company is reported to have raised its bid to around $46 billion, or 470 Swiss francs per share. The break-up fee, payable should the deal fail to receive regulatory approval, was also increased from $2 billion to $3 billion.

Syngenta turned down Monsanto’s previous offers in April and May, both of which valued its shares at 449 Swiss francs. Reports say Syngenta is expected to reject this third bid too as the offer remains well below what it regards as fair value.

A survey of nearly 100 current and former Syngenta shareholders by Bernstein Research earlier this month found that 92% were in favor of a negotiated deal and most of them would accept an offer 5% higher.

Both companies have declined to comment.