Monsanto said it was in talks with Bayer's management and others regarding "alternative strategic options," a month after the US seed producer rejected the German company's $62 billion takeover offer.
Monsanto also today reported lower-than-expected quarterly sales for the sixth quarter in a row.
It said there was "no formal update on the Bayer proposal," but talks were on for the past several weeks.
The US company had not opened its books more than two weeks after rejecting the offer but left the door open to a possible deal after the companies reached an impasse over valuation, Reuters reported this month, citing sources.
Bayer, however, has no plans to raise its offer without reviewing Monsanto's confidential information, the sources said.
The seed and agriculture chemical industry has seen several deals in the past year as low crop prices and belt-tightening by farmers put pressure on earnings.
The net income attributable to Monsanto plunged more than 37% to $717m, or $1.63 per share, in the third quarter ended May 31.
Monsanto reported earnings of $2.17 per share from continuing operations, well below the average analyst estimate of $2.40, according to Thomson Reuters.
Net sales of the company, known for its genetically engineered corn, soybean and the Roundup herbicide, declined 8.5% to $4.19 billion, missing estimate of $4.49 billion.
