Bayer said early Tuesday morning that it was willing to pay more money to acquire Monsanto, which has so far rejected two of its lower offers.

Bayer raised its offer to $127.50 (114.26 euros) per share, which would bring the deal's total to around $66 billion including debt from Monsanto, though neither concern confirmed the overall sum.

The last known offer Bayer made was for $64 billion with debt, but the American producer of the controversial herbicide glyphosate turned it down. Investors in the US would like to see Bayer go as high as $135 per share, according to Reuters.

Glyphosate is also sold by other major corporations including Syngenta and Bayer. It recently received the green light to be sold in Europe for another one and a half years, though scientists have warned that the chemical is a likely carcinogen.

In a statement put out on Tuesday, Bayer said it would only be willing to pay the higher price for Monsanto "under the condition of a friendly takeover."

Bayer was reportedly considering a hostile bid if it continued to face opposition from Monsanto, the German daily Handelsblatt wrote in mid-August.

cjc/pad (AFP, Reuters, dpa)