After emerging relatively unscathed from Monsanto’s bear hug, Swiss agrochemicals giant is tossing a bone to shareholders who may have preferred it to be more open to a merger with the US rival.

Along with a scheme to buy back more than $2 billion in shares, the Basel-based company, world’s largest producer of chemical crop protectants, has simultaneously announced plans to “accelerate shareholder value creation through unlocking the considerable inherent worth it in its global seeds portfolio boost stock market value.”

Concretely, Syngenta plans to divest its global vegetable seeds business, which it said is industry-leading, has high margins, a significant global footprint and a wide array of best-in-class varieties.

Although the business had sales of only $663 million in 2014, chief financial officer John Ramsay told the news agency Reuters that “valuation multiples in vegetable seeds are quite easily” in the 3-6 times sales range.

While this could mean a selling price as high as $3.9 billion, and Syngenta’s management said it expects the business to attract “significant third party interest,” analysts placed the price tag in a corridor between $1.6 and $2.5 billion.

In the midst of the Monsanto’s pursuit of Syngenta, several other industry players, most notably BASF, had been seen as poised to take any activities a merged company might have to divest. In the event of a successful takeover, Monsanto was said to plan to divest the bulk of the Swiss company’s seeds assets in exchange for antitrust approval.

Syngenta’s entire seeds business, which includes corn, soybeans and other field crops, had sales of $3.6 billion last year. Shortly before the collapse of the deal with Monsanto, the company announced it would sell its premium flowers seeds business belonging to its lawn and garden operating unit.

The vegetable seeds arm is regarded as one of Syngenta’s most profitable, with gross margins of well above 60% in 2015, compared with about 45% for all seeds. However, Ramsay told Reuters the company is “not getting proper recognition either by the market or by Monsanto's approach for the fundamental value of our vegetable seeds assets.”

For several years, Syngenta has been trying to emulate Monsanto’s success in developing and sell seeds in tandem with crop chemicals, but investors are said to have been relatively unimpressed by the results. Ramsay said combining the seeds with their respective pesticides makes little sense as vegetables are grown mainly in hothouses with pesticides applied more precisely than on crops grown outdoors.

After falling in the wake of the Monsanto pullback, Syngenta’s shares rallied by 3.6% on news of the share buyback.

Some of the company’s major shareholders are said to be more than a little unhappy about the failed deal. One portfolio manager told news agencies that, as the Monsanto offer was a 40% on the Syngenta share price, the Swiss company threw away “billions” in shareholders’ money.

Some investors told financial media they supported the buyback but did not understand why management wanted to sell a business with high margins and a global presence.

Syngenta has declined to comment on specific criticism, but said it remains confident its stand-alone strategy can succeed. Chairman Michel Demare promised a thorough review of the portfolio lineup post-Monsanto and also hinted at plans to take on another major investor on board if the company’s efforts to boost profitability and market share failed.

If Monsanto is also seen as under pressure from its own shareholders for backing away from the deal Syngenta’s leaders are thought to be in a more precarious position. Observers note that the entire board will come up for election at its annual general meeting in April 2016 Under the articles of incorporation, however, investors collectively holding 10% or more of the company’s stock could call a special meeting sooner and set the agenda.