An unnamed top-30 investor in Bayer has called the German group’s enhanced $127.50 per share revised offer for Monsanto, aimed at securing a deal to buy U.S. rival Monsanto, “far too generous.” The investor told the news agency Reuters that the sweetened bid “would represent a “heavily overpaid” takeover, should it proceed.

The latest comment echoes concerns expressed earlier by top-level Bayer shareholders to the deal that under current terms would be worth more than $65 billion. Both the strategic rationale and the valuation have been questioned.

At the same time, the investor said it was relieved that Bayer did not seem prepared to offer $135-$145 per share, as some analysts estimate the group could have to pay to clinch a deal. In this case, it said, Bayer would need more equity, which require shareholder approval, and this would not be forthcoming.