After concluding more than four months of negotiations, the Monsanto’s board is set to meet on Tuesday to decide whether to approve a sale to Germany’s Bayer for more than $65 billion, reports Reuters quoting people familiar with the matter.

The sources also reportedly claimed that the board was close to approving the deal.

Reuters further claimed quoting from the knowledge of the sources that last week, the German pharmaceuticals and crop chemicals maker had disclosed a $127.50 per share cash offer and that the deal is expected to value Monsanto, the world’s largest seeds firm, at a little more than the sweetened $127.50 per share offer.

The sources reportedly told Reuters that it is still possible that the deal hits a snag with the board of either company even as the Bayer’s supervisory board is due to follow suit and meet on Wednesday to deliberate on Monsanto’s response.

The sources asked not to be identified because the deliberations are confidential, claimed Reuters. Bayer and Monsanto declined to comment to queries form the news agency.

While Bayer’s shares were down 0.3 percent at 93.29 euros, Monsanto’s shares were 1 percent lower at $105.82 at 1513 GMT.

In a fresh offer from Bayer that valued Monsanto at more than $65 billion, including debt, the German company was willing to offer $127.50 per share, up from $125 previously, as Bayer said that talks with Monsanto had advanced which had resulted in the enhanced offer.

Access to more privileged information on Monsanto’s business performance was made possible by the topping up the price which secured Bayer access and had paved the way for more detailed negotiations, reported Reuters citing the sources it had privy to.

“Given recent updates on the Monsanto approach suggest a final conclusion may be close, we suspect (Bayer) will work hard to try and reach a final conclusion before the Meet Management event, if possible,” Jefferies Research analyst Jeffrey Wolford said in a research note before the news. Wolford was referring to Bayer’s presentations day for analysts and investors in Cologne next Tuesday.

The crop chemicals business of Bayer is just second largest in the world after that of Syngenta while Monsanto is a market leader in the field of seeds business in the world. In what is the latest in a series of major consolidation moves in the agrochemical sector, Bayer is trying to combine its crop chemicals business with the seed business leadership of Monsanto.

In one of the largest market synergies some time back, a major agribusiness is being created by the merger of U.S. chemicals giants Dow Chemical and DuPont. Both the companies have agreed to merge and spin off their respective seeds and crop chemicals operations.

In another mega deal, Syngenta was taken over recently by ChemChina  after the former fought off unwanted suitor Monsanto last year.

(Adapted from Reuter)