Delta and Pine Land Company Announces Receipt of $81 Million from Monsanto

SCOTT, Miss., Jan. 3 -- Delta and Pine Land Company has paid Delta Pine the $81 million termination fee pursuant to the terms of the May 8, 1998 Merger Agreement. In addition, Delta Pine and Monsanto have agreed that the restrictions on Delta Pine's talking to potential suitors are no longer in effect and Monsanto's option to buy 19.9% of Delta Pine's common stock has been canceled.

"Delta Pine and Monsanto have commenced substantive negotiations with respect to issues Delta Pine has raised arising out of the Merger Agreement," said Roger D. Malkin, Chairman and Chief Executive Officer of Delta and Pine Land Company.

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, DLP also breeds, produces and markets soybean planting seed.