As long as the transaction has taken and as disbelieving as the Street appears to be, Monsanto Co.’s $1.5 billion takeout of Delta and Pine Land Co. could see brighter days. Now a full 13 months into its second request by the Department of Justice, the deal is trading accordingly. At presstime, Delta closed at $29.875, $4.85 south of its value in the stock swap which exchanges each Delta share for 0.8625 Monsanto shares. Monsanto, which signed the Delta definitive on May 8, 1998, closed at $40.25 per share. That spread, sizable though it may be, is nevertheless tighter than it was, for example, several months ago when it was around $9.
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