Yeah, but did you catch this?  It might be motivation for Monsanto to offer that much for them...and it is the second time Monsanto has tried to buy DP&L.  Actually, I though they already had but I guess the deal fell through.

From stltoday.com:

http://www.stltoday.com/stltoday/business/stories.nsf/0/07B8D899C913545D862571CC000B7825?OpenDocument

Monsanto, Delta & Pine will try again
By Rachel Melcer
ST. LOUIS POST-DISPATCH
08/16/2006 

D&PL sued Monsanto for $2 billion in a Mississippi state court, claiming Monsanto intentionally delayed consummation and failed to put the same effort into making it happen as it did in other seed-company deals. That case was pending, with a key hearing set to begin Tuesday

Then farther down the page: 

Monsanto expects cost-synergy savings of "north of $20 million annually," mostly from eliminating the cost of running two public companies, cutting corporate overhead and not having to pay legal fees related to their disputes, said Chief Financial Officer Terry Crews. D&PL said it has spent more than $50 million on legal fees following the firms' falling out.