Nissan’s board is planning to reject Honda’s terms for a combination of the two automakers, putting in danger a merger plan announced less than two months ago, people familiar with the matter said Wednesday.

Honda and Nissan are considering calling off their merger talks, Japan's Asahi Shimbun reported on Wednesday citing several sources. The boards of both companies are reportedly meeting soon to table the termination of the merger,

Shares of Nissan Motor Co. and Honda Motor Co. rose overnight following reports that the automakers’ proposed merger may be scrapped.