According to a report from Reuters, Monsanto’s board is meeting on Tuesday to a decide whether to accept a takeover offer from Bayer (BAYRY Quick QuoteBAYRY - Free Report) . After months of negotiations, Monsanto is close to approving its sale for more than $65 billion.

Last week, Bayer disclosed a $127.50 per share cash offer for the Monsanto, the world’s largest producer of seeds. People familiar with the matter told Reuters that Monsanto’s board will accept the deal at a slightly higher valuation.

The ball will then move back to Bayer’s court; the German pharmaceuticals and chemicals giant will meet on Wednesday to consider Monsanto’s counter-offer. Reuters’ source said that the deal could still be stalled by either company’s board.

Bayer is attempting to merge its crop chemicals business with Monsanto’s seeds business in an effort to create an agricultural superpower. Bayer is currently the world’s second-largest crop chemicals maker, behind only Syngenta (SYT Quick QuoteSYT - Free Report) . Bayer’s offer of $127.50 per share last week was up from its original offer of $125 per share.

Shares of Monsanto slid about 1.5% in morning trading Tuesday, while shares of Bayer were down about 1%.

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