While Monsanto sees industrial logic in a combination with Bayer and believes a deal would be approved by antitrust and other regulators, the company also has confidence in its standalone plan and believes shareholders deserve a better offer, the people said. They asked not to be identified because the deliberations are confidential.

The German drugs and crop chemicals group said on Monday it offered Monsanto $122 per share. It was not clear what price Monsanto would be willing to sell for.

Monsanto and Bayer representatives did not immediately respond to requests for comment.