Delta and Pine Land Company today filed a lawsuit in Circuit Court in Bolivar County, Mississippi, against Monsanto Company for breach of contract involving Monsanto's failure to perform pursuant to the terms of a May 8, 1998 Merger Agreement. Delta and Pine Land Company is seeking not less than $1 billion in compensatory damages, as well as punitive damages in an amount to be proved at trial. 

Delta and Pine Land Company asserts, among other things, that Monsanto breached its contractual obligations to use commercially reasonable efforts to respond fully and promptly to all inquiries from, to gain material consents from and to resolve objections by the Antitrust Division of the Department of Justice in seeking regulatory clearance for the merger. Monsanto withdrew its Hart-Scott-Rodino filing on December 20, 1999. 

Commenting on the lawsuit, Roger D. Malkin, Chairman and Chief Executive Officer of Delta and Pine Land Company said: "We regret having to file this lawsuit, but we had no other choice in order to protect the interests of our company and our shareholders. At the same time, we will continue to engage in a dialogue with Monsanto and hope to achieve a resolution that is acceptable to both parties." 

Malkin continued: "The filing of this lawsuit will not affect our existing contractual relationships with Monsanto with respect to the development of agricultural technologies and the delivery of products to our customers." 

Delta and Pine Land Company is represented in this matter by Fried, Frank, Harris, Shriver & Jacobson; Boies, Schiller & Flexner LLP; and Lake Tindall LLP. 

Delta and Pine Land Company is a commercial breeder, producer and marketer of cotton planting seed. Headquartered in Scott, Mississippi, with offices and facilities in seven states and several foreign countries, Delta and Pine Land Company also breeds, produces and markets soybean planting seed. 

Company news release
N2397