A top-30 investor in German chemicals and crop pesticides firm Bayer bayzf said revised terms aimed at securing a deal to buy U.S. rival Monsanto mon were far too generous.

The investor, who declined to be named, said Bayer’s revised $127.50 a share offer for Monsanto would represent a “heavily overpaid” takeover, if the controversial deal should proceed.

The investor is one of a number of Bayer investors to flag their opposition to the $65 billion-plus tie-up, with the strategic rationale for a deal and the valuation both called into question.

See also: Bayer Sweetens Its Monsanto Bid in Final Stretch of Negotiations

However, the investor expressed relief that the revised offer on Monday was some distance from the $135-$145 price tag some analysts had estimated Bayer could end up paying.

“That seems less likely,” the investor said in emailed comments. “Bayer would need more equity which then would need shareholder approval which would fail.”