While the deal was strongly resisted, it was largely expected it would pass as a result of the near-monopoly agri- biotech that would be formed as a result, and that MON would sweeten the offer enough until it got the target's approval. It did not and as a result, Syngenta stock crashed earlier today, tumbling as much as 20%.

As WSJ reminds us, Monsanto, the world's largest seller of seeds, proposed in late April a deal that would have created a world leader in both seed and pesticide sales. The St. Louis-based company says the new entity would be better equipped to formulate new products and bring them quickly to farm fields.

On Aug. 18, Monsanto increased its takeover offer to a value of 470 Swiss francs a share in cash and stock, up from its original offer of 449 francs and making the deal worth about $46 billion. The proposal also increased the reverse breakup fee to $3 billion.

However, executives for Swiss-based Syngenta have repeatedly said they were committed to fending off the deal, claiming that it was "inadequate on so many perspectives" and too vulnerable to objections from antitrust regulators.

Which brings us to the question of the biggest losers: as the WSJ further writes, "some Syngenta shareholders had voiced discontent over the pesticide maker's steadfast refusal over the past three months to enter negotiations with Monsanto, and over Syngenta's communications with its own shareholders on the matter. "